Top American financial services company, The Western Union, has filed trademark applications that hint at asset and commodities exchange. Furthermore, the new trademark indicates the establishment of Western Union’s token while facing more diverse competition in the remittance market.
Moreover, the multinational company may be working to offer their customers crypto-related services, considering the trademark applications filed by the company in the previous week. The number of companies moving into the crypto verse is rising, and the Western Union won’t be left out.
Western Union’s Cryptoverse Trademarks
On October 18, 2022, Western Union filed for three trademarks. On October 25, Mike Kondoudis shared on his Twitter page that Western Union has filed three trademark applications claiming plans for
- Virtual currency exchange + transfer
- Insurance and Insurance brokerage and agency
- Financial + Banking + Insurance
- Commodity and Crypto trading + brokerage + digital asset exchange services
- Issuing tokens of value
- and much more
Western Union is one of the primary providers of cross-border remittance services that have moved into the crypto verse while it is still early. Before now, Western Union partnered with Ripple in 2015 to style remittance payments.
However, their partnership was still in the test phase by 2018. Later in the year, the Western Union announced that it would likely not add a crypto transfer to its list of services in the nearest future.
Also read:On the other hand, Western Union continues to engage with electronic wallets. Also, it partnered with a blockchain platform called Coins.ph to expand its financial services to the Philippines with technical support from Thunes.
Former Western Union Global Money Transfer President (Odilon Almeida) in 2018 said that adding a cryptocurrency option for customers would be a massive feat. He noted that digital assets are new to governance, compliance, and volatility but have received global acceptance.
Almeida added, “cryptocurrency is likely to become one of the ways to exchange assets between people and countries. If that happens, Western Union will be ready to launch”.
Earlier this year, Coinbase (a top crypto exchange) targeted Mexico since it’s the second world’s largest remittance market, which Western Union already dominates. Coinbase’s selling point was that its services were much cheaper than traditional cross-border payments. It aims to expand its services globally to the world’s 1.7 billion under-banked.
Many exchange companies or financial platforms also entered the Mexican market this year. Also, several financial inclusion solutions offer a different solution than traditional remittance providers.
Above all, Western Union remains one of the top players in the remittance industry. In addition, Almeida once said that the Western Union is in a better position to earn benefits from the crypto movement than any other start-up.
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