Western Union could also be getting ready to supply crypto-related companies, judging from trademark purposes filed by the corporate final week. That is the most recent of a number of makes an attempt the corporate has made to enter the cryptoverse. To this point, it has had restricted success.
Western Union filed for 3 logos on Oct. 18. Based on trademark lawyer Mike Kondoudis, actions coated by the purposes embody managing wallets, exchanging digital property and commodities derivatives, issuing tokens of worth, and brokerage and insurance coverage companies.
Western Union is a serious supplier of cross-border remittance companies, and it confirmed its curiosity and uncertainty in cryptocurrency early. It partnered with Ripple to settle funds of remittances in 2015, however that partnership remained within the check part three years later, and Western Union introduced that it was not including crypto transfers to its companies within the foreseeable future.
#WesternUnion has filed 3 trademark purposes claiming plans for
▶️ Monetary + Banking + Insurance coverage
▶️ Digital foreign money trade + switch
▶️ Commodity and Crypto buying and selling + brokerage
▶️ Issuing tokens of worth
…and far more#Web3 #Metaverse #Cryptocurrency #NFT #DeFi pic.twitter.com/YvKysvj3mq— Mike Kondoudis (@KondoudisLaw) October 25, 2022
Western Union did, nevertheless, proceed to research and have interaction with digital wallets. It partnered with blockchain platform Cash.ph to reinforce its companies within the Philippines with technical help from Thunes.
The remittance market is turning into extra aggressive. In February, Coinbase focused Mexico, the world’s second-largest remittance market, with a service that allowed customers to ship U.S. {dollars} and withdraw Mexican pesos. A number of different corporations have entered the Mexican market this yr as effectively, and quite a few monetary inclusion options are additionally providing alternate options to conventional remittance suppliers.
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Now, Western Union appears to be positioning itself to supply remittance companies and extra on the crypto market, corresponding to a digital property trade and insurance coverage, and it’d situation its personal token. Western Union remains to be coming into a crowded and aggressive subject, the place corporations corresponding to PayPal and Mastercard have additionally just lately opened up store.
