Money transfer company Western Union is preparing to enter the cryptocurrency industry.
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The company has filed a cryptocurrency-related trademark application with the U.S. Patent and Trademark Office.
Western Union moves into cryptocurrency space
The company’s trademark application shows that it has plans for crypto wallets and cryptocurrency exchanges, among others.
The remittance giant may also launch its own cryptocurrency to compete with other companies.
The trademark application also includes financial intermediation services, i.e. the management and administration of cryptocurrencies and related financial instruments.
Although Western Union has filed a trademark application, it has not made an official statement on whether it will be involved in the industry. The company’s former CEO Hikmet Ersek said in 2014 that the company would open up to bitcoin if it were regulated as a currency.
Although the company attempted a partnership with Ripple Labs in 2015, it failed.
The company began seeking multiple patents for cryptocurrency transaction analysis in March 2017. Despite integrating with Coinbase in the same year, this attempt did not yield any results.
The remittance giant partnered with Coins.ph in April 2019 to facilitate remittances for Filipino residents.
Another attempt by the company was to acquire MoneyGram, a former partner of Ripple. However, this effort was also unsuccessful.
Source of information: Compiled from COINKOLIK by 0x information.The copyright belongs to the author and may not be reproduced without permission
0X Simplified Chinese version:Western Union plans to enter the cryptocurrency industry