In the last few months, the company is considerably more open to cryptos bitcoin vs western union the blockchain than it was before.
Now, the company is following the will of the consumers and it is ready to add them if they are needed. Here he stated that there was no big difference between cryptocurrencies and regular digital payments, of which the Western Union has handled for years now.
I think cryptocurrencies may become one more option of currency or assets around the globe to be exchanged between people and businesses. If that happens, we would be ready to launch. Volatility is one major problem that the industry needs to sort out first before Western Union could involve itself.
The crypto market also needs to take control of governance and compliance. In this instance, stablecoins would be a necessity. Blockchain The company has already begun exploring blockchain.
However, the company did not find the results of the partnership to be too satisfactory. According to the spokesman of the Western Union, they did not save too much money by using the process.
But here are a few examples to illustrate the kinds of applications that might make Bitcoin useful. One is international money transfers. Right now, companies like Western Union and MoneyGram charge fees as high as 8 percent to send money from one country to another, and it can take as long as three business days for transactions to clear. New Bitcoin-based entrants could easily compete on price and speed.
The senior vice president of product for Ripple, Asheesh Birlaaffirmed that bitcoin vs western union company only made like 10 transactions and stopped and that the cost saving would come from actually using the technology to scale the transactions and make them more efficient.
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