Western Union may be preparing to offer cryptocurrency-related services, judging by trademark applications filed by the company last week. This is the latest of several attempts the company has made to enter the world of cryptocurrencies. So far, it has had limited success.
Western Union applied for three trademarks on October 18. According to trademark attorney Mike Kondoudis, the activities covered by the applications include wallet management; the exchange of digital assets and derivatives of raw materials; the issuance of security tokens and brokerage and insurance services.
Western Union is one of the leading providers of cross-border remittance services, and it showed its interest and uncertainty in cryptocurrencies from the beginning. It partnered with Ripple to settle remittance payments in 2015, but that partnership remained in the testing phase three years later. and Western Union announced that it would not be adding cryptocurrency transfer to its services for the foreseeable future.
#Western Union has filed 3 trademark applications claiming plans for
▶️ Financial + Banking + Insurance
▶️ Virtual currency exchange + transfer
▶️ Commodity and Crypto trading + brokerage
▶️ Issuing tokens of value
…and much more#Web3 #Metaverse #Cryptocurrency #NFT #DeFi pic.twitter.com/YvKysvj3mq— Mike Kondoudis (@KondoudisLaw) October 25, 2022
Western Union has filed 3 trademark applications claiming plans of
▶️ Financial + Banking + Insurance
▶️ Virtual currency exchange + transfer
▶️ Commodity and cryptocurrency trading + brokerage
▶️ Issuance of security tokens
…and much more
However, Western Union continued to investigate and commit to eWallets. It partnered with blockchain platform Coins.ph to improve its services in the Philippines with technical support from Thunes.
The remittance market is increasingly competitive. Coinbase targeted Mexico, the world’s second largest remittance market, in February with a service that allowed users to send US dollars and withdraw Mexican pesos. Several other companies have entered the Mexican market this year as well, and a number of financial inclusion solutions are also offering alternatives to traditional remittance providers.
Now Western Union appears to be positioning itself to offer remittance services and more in the cryptocurrency market, as a secure digital asset exchange, and could issue its own token. Western Union continues to enter a crowded and competitive field, where companies like PayPal and MasterCard have also recently opened their doors.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.