The pace of global cryptocurrency adoption has been keenly noticed by Remittance giant Western Union which is ready to add crypto as a payment option for its customers at any time. Odilon Almeida, the president of Western Union global money transfer says it’s an easy task to integrate crypto into the company’s overall line-up of currencies.
“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.
I think cryptocurrency may become one more option of currency, or assets, around the globe to be exchanged between people and businesses. If that happens, we will be ready to launch.”
Billions of bank accounts and over half a million retail agent location are accessed by this company which is well-positioned to help bridge the gap between cash and crypto.
Since 2015, Western Union has been actively testing Ripple’s cross-border payment technology and they say those tests are still continued. Hikmet Ersek, Western Union CEO cautioned that, the company’s tests with xRapid were early and potentially “too small” to draw firm conclusions.
The company expects blockchain and cryptocurrency integration to be a smooth fit because fiat has been already transferred digitally by Western Union. Western Union have the capability to be one of the first major brands in the financial services industry to tap into crypto as a viable, mainstream payment option, as it has a massive on-ramp for global money movement.
Ersek’s announcement gives the hint that, when consumers are increasingly allowed to choose the type of currency they prefer to use, it lays at the intersection of digital and fiat currencies.
As Almeida explains in the company’s blog post,
“Cryptocurrencies have so far failed to achieve broad acceptance because they have yet to master three things: governance, compliance and volatility.
But Western Union is already better equipped to solve for such variables because it already moves money across 130 currencies and devotes substantial resources to all of those three challenges.”