2 years ago
Trademark applications look to hint astatine an plus and commodities exchange, security and Western Union’s ain token arsenic it faces progressively divers contention connected the remittances market.
Western Union whitethorn beryllium preparing to connection crypto-related services, judging from trademark applications filed by the institution past week. This is the latest of respective attempts the institution has made to participate the cryptoverse. So far, it has had constricted success.
Western Union filed for 3 trademarks connected Oct. 18. According to trademark lawyer Mike Kondoudis, activities covered by the applications see managing wallets; exchanging integer assets and commodities derivatives; issuing tokens of worth and brokerage and security services.
Western Union is simply a large supplier of cross-border remittance services, and it showed its involvement and uncertainty successful cryptocurrency early. It partnered with Ripple to settee payments of remittances successful 2015, but that concern remained successful the trial phase 3 years aboriginal and Western Union announced that it was not adding crypto transfer to its services successful the foreseeable future.
#WesternUnion has filed 3 trademark applications claiming plans for
▶️ Financial + Banking + Insurance
▶️ Virtual currency speech + transfer
▶️ Commodity and Crypto trading + brokerage
▶️ Issuing tokens of value
…and overmuch more#Web3 #Metaverse #Cryptocurrency #NFT #DeFi pic.twitter.com/YvKysvj3mq
Western Union did, however, proceed to analyse and prosecute with physics wallets. It partnered with blockchain platform Coins.ph to heighten its services to the Philippines with method support from Thunes.
The remittance marketplace is becoming much competitive. Coinbase targeted Mexico, the world’s second-largest remittance market, successful February with a work that allowed users to nonstop U.S. dollars and retreat Mexican pesos. Several different companies person entered the Mexican marketplace this twelvemonth arsenic well, and a fig of fiscal inclusion solutions are besides offering alternatives to traditional remittance providers.
Related: Crypto.com to rotation retired Google Pay integration arsenic Big Tech continues to clasp crypto
Now Western Union seems to beryllium positioning itself to connection remittance services and much connected the crypto market, specified arsenic a integer assets speech and insurance, and it mightiness contented its ain token. Western Union is inactive entering a crowded and competitory field, wherever companies specified arsenic PayPal and MasterCard person besides precocious opened up shop.
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