Monday, January 30, 2023
  • Trademark attorney Mike Kondoudis stated that Western union had filed crypto-related trademark applications with the United States Patent and Trademark Office.
  • Western Union has significant influence over the traditional financial system as one of the high-standing banks in the world.
  • Western Union ushering and embracing blockchain and digital assets might be central banks’ nudge.

Crypto in Africa has caused a spur of activities even among international organizations such as google cloud and Mastercard. Crypto traders are rapidly increasing despite the crypto winter looming over us.

To adopt and prevent the foreseen crisis, many cooperations have decided to design crypto payment services from more collaborations. This is seen as an act to salvage the decreasing value of crypto coins. Western Union agreed to join the race as recent news suggests incorporating various blockchain technology within their systems. This facilitates new features. This act signifies the importance of digital assets. However, it is still in its early stages.

A New Age in Western Union

Trademark attorney Mike Kondoudis stated that Western union had filed crypto-related trademark applications with the United States Patent and Trademark Office. This a bold step as the organization seeks to explore blockchain and Web3 technology further.

With the current trend of digital assets, many organizations, such as Google Cloud and Coinbase, have formed a partnership to establish crypto payment services in the cloud. The initial idea got plenty of supporters, and as a result, more and more crypto traders appeared.

western union

Western Union and digital currencies finally make a collaboration. Has WU finally embraced blockchain into a new crypto payment service?[Photo/CNBC]

Also, Read The state of blockchain and cryptocurrency in Zambia

Western Union is a significant provider of cross-border remittance services. Even though its very mechanism is similar to blockchain technology, Western Union had no interest in diving head-on into digital assets.

In June 2018, Western Union CEO Hikmet Ersek said they planned on something other than crypto payment services any time soon. As a result, the company held its progress to learn more about crypto in hopes of better understanding it.

Over the years, crypto in Africa caught everyone’s attention as living proof of the benefits of cryptocurrency if only applied in the correct areas. To his statement, cryptocurrency was still rearing its head in various African countries.

Although the growing use of blockchain technology has made certain things clear, the technological age is shifting; down the line, blockchain and Web3 will become the next core of it. Blockchain also has increased the international competition faced by Western Union. In light of this, it slowly embraced the new way of thinking.

Transforming central banks

Western Union has significant influence over the traditional financial system as one of the high-standing banks in the world. It has deeply rooted ties with Africa and was one of the first few banks to open during the age of the traditional financial system.

Even with its legacy, the tides are shifting, and many organizations are moving towards blockchain.

It is a known fact that cryptocurrency in Africa is hindered by the resistance resented by African central banks. There are valid reasons why digital assets such as crypto are unsuitable within a country’s economy, but there are alternatives. CBDC is still a solution to curb most central banks’ various fears.

Various African countries have taken the next step in embracing crypto. One example is the Bank of Nigeria, which launched its own CBDC, eNaira. South Africa finally recognized crypto as a financial product and is now establishing crypto regulations to curb the misuse of this privilege.

Western Union ushering and embracing blockchain and digital assets might be central banks’ nudge. Incorporating crypto payment services proves that crypto can function as an economic asset. However, this can only occur if central banks see its usefulness in active setup.

Conclusion

Further details on the direction Westen Union is planning to take still need to be available. Although through the establishment of various trademarks, it s safe to assume that digital assets will be available within their many features. Blockchain technology has proven its usefulness within the financial system. The traditional financial system will soon have no choice but to incorporate decentralization to survive this new wave. Western Union is proof of this.

Also, Read Is DeFi the right path for Africa’s economic growth.

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