Financial service Giant Western Union has recently commented that cryptocurrencies may be included if enough crypto users garner enough interest as they already boast over more than 130 digital assets. Even so, Western Union Global Money Transfer President Odilon Almeida doesn’t think the industry has made it yet.
During a recent video, Almeida explains that if there is any firm that is well placed to make the most out of blockchain and cryptocurrencies, then it would have to be Western Union due to the business actively moving payments across different countries and have “deep knowledge” of its nature.
“Cryptocurrency might become one more option for a way for assets to be exchanged between people and countries. If that happens we would be ready to launch,” he said.
Although, Almeida has acknowledged that this will not be immediate as the industry is currently in its infant stage and faces various challenges peculiar to emerging payment systems. These challenges according to the President of Western Union include volatility, governance, and compliance.
Almeida has expressed optimism that Western Union can help cryptocurrencies overcome these ongoing challenges. As he’s stated, Western Union already “devotes substantial resources to all of those three challenges.”
When it comes to introducing cryptocurrencies to their payment options or on their platform, he said:
“Western Union is ready today to adopt any kind of currency. We already operate with 130 currencies. If we, one day, feel like it’s the right strategy to introduce cryptocurrencies to our platform, technology-wise, it’s just one more currency.”
Western Union involvement with cryptocurrencies would definately transform the scene in ways no one would expect. With a financial service this large getting involved it makes one wonder how successful they would be compared to the current systems in place.
Do you think Western Union involvement would have a significant amount of change?
Let us know your thoughts.