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Western Union shared this week the above video titled “Blockchain and Cryptocurrency”. The company featured the President Odilon Almeida in a press release on the Western Union official website saying:
“There are two elements to the cryptocurrency. The first one is the digital currency itself and the second one is the technology behind it: blockchain.”
Clearly expressing the interest Western Union has in cryptocurrencies and blockchain technology Odilon also added:
“Cryptocurrencies have so far failed to achieve broad acceptance because they have yet to master three things: governance, compliance and volatility.
Western Union already operates transfers between 130 currencies and has the expertise and resources to deal with the cryptocurrency variables.
In the above video, the Western Union President speaks about the possibility to add cryptocurrencies to their platform among the other fiat currencies adding that:
“cryptocurrency may become one more option”
Actually, Western Union is making tests with blockchain payments using Ripplenet, a system created by Ripple but that can be used to send any cryptocurrency, including Bitcoin, Ethereum, Litecoin etc.
Western Union has more than 500k locations spread all over the globe, and the adoption of cryptocurrencies on their platform would have a huge effect in the crypto world