Former Western Union Executive Raises US$12.5m for Blockchain-Based Cross-Border Payment Solution
Simplifying cross-border payments for businesses can not be achieved through traditional financial infrastructure; that much is clear by now. In countries where there are limited to no financial services available, there is no adequate infrastructure to speak of. Blockchain technology can help resolve that problem, and Align Commerce is banking big on this innovative form of remittance. It was only a matter of time until multiple businesses started to recognize the potential offered by blockchain technology.With the financial sector prone to disruption and innovation in its current state,....
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Global money transfer powerhouse Western Union is boldly venturing into the dynamic and rapidly evolving realm of cryptocurrencies, marking a significant and strategic move in its financial landscape. With a storied history of facilitating seamless cross-border transactions, Western Union’s decision to enter the highly-stacked cryptocurrency arena underscores its commitment to innovation and adaptability in an […]
Western Union shares have plunged following the Mexican president’s cancellation of a meeting with Donald Trump, underscoring the need for less nationally vulnerable payment systems like Bitcoin. Following an announcement by the American president that he intended to begin construction on a southern border wall immediately, funded by a 20 percent tariff on imports from Mexico, Mexican president Enrique Peña Nieto canceled a planned meeting between the two. This conflict between the two nations, who are significant trading partners, caused economic shock waves including a sharp hit to....
Western Union has formally responded to statements suggesting it is taking concrete steps toward using distributed ledger technologies via a partnership with Ripple Labs. Long cited as a technology that could enable more cost-effective cross-border payments, Western Union has, as commentators have noted, what is perhaps one of the more evident vested interests in exploring digital currency offerings. Still, representatives for the Colorado-based company remain tight-lipped about what the proposed project with Ripple Labs would entail. A spokesperson told CoinDesk:
Western Union has launched a new service WU EDGE that allows businesses to receive cross-border payments from customers within minutes. Competition from the digital currency sector has forced Western Union to introduce new fee-free network payment structure called WU EDGE. The new platform is slated to enable transactions between two parties in a matter of minutes. With WU EDGE, Western Union (NYSE : WU) intends to compete with Bitcoin-based remittance and payments platforms that have been offering instant transfers since their introduction. However, there are currency exchange charges....
ECB’s interest in identifying the best cross-border payment solution stems from the fact that it serves as the central bank of the 19 European Union countries which have adopted the euro. A recent study conducted by the European Central Bank (ECB) on identifying the ultimate cross-border payment medium crowned central bank digital currencies (CBDCs) as the winner against competitors, including banking, Bitcoin (BTC) and stablecoins, among others.ECB’s interest in identifying the best cross-border payment solution stems from the fact that it serves as the central bank of the 19 European....