CashCoin.io Quits Bitcoin Sales, Launches Western Union Competitor
One of the most convenient, non-technical ways to get involved in Bitcoin is to simply buy some with fiat money. Larger exchanges allow for this but then there are also a number of places online where this process is streamlined. CashCoin.io was one such place until very recently when they abruptly put up a notice: Thank you for being a CashCoin customer. We have decided to suspend selling bitcoins indefinitely and are focusing instead on building applications such as cross border remittances on top of the block chain technology. Also read: Taiwanese Can Now Buy Bitcoin at over 5000....
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At the Money20/20 conference in Copenhagen, Western Union announced the launch of the WU EDGE platform, designed to provide increased transaction channels and analytics opportunities for Western Union small and middle-sized business clients. The Enterprise Digital Global Exchange (EDGE) is the new Western Union business-to-business digital platform which will make buying and selling overseas much more seamless and cheap. Given Western Union’s scale, the platform aims help business owners in the developing and developed worlds alike. Speaking to the potential impact of the platform, Kerry....
In the world of cash-transfers, few other companies come to mind as instantaneously as Western Union. If you’ve walked in a convenience store anywhere between the west and east coast of the United States, you’ve probably seen a banner for Western Union. The remittance provider is currently facing a preliminary antitrust inquiry as the EU examines allegations of Western Union intentionally driving rivals out of business. Allegedly, Western Union is giving their retail outlet partners contracts with exclusivity contracts in them which don’t allow other cash-transfer services to operate....
Western Union Chief Information Officer John "David" Thompson was interviewed by Coindesk this week and made some very revealing comments about Bitcoin, and its future in global monetary transfer. Many know Western Union as the world's largest personal monetary transfer corporation, founded way back in 1851. Operating in 220 countries worldwide, it generated almost $800M last year in net income, which is down over 20% from 2012. I wonder why it is down over $200M all of the sudden? Also read: Digital Currency Advocate: What Western Union CEO Is Missing. Western Union CIO: Bitcoin doesn't....
As new U.S. government measures that impose restrictions on remittances to Cuba becomes effective after November 22, Western Union, which has been operating in the island nation since 1999, will close shop. The new rule, which was published on October 27, gave Western Union 30 days to implement new restrictions. The new rule is likely to increase the appeal of crypto assets as Cubans are now expected to find a suitable alternative in a very short space of time. Targeted Sanctions At the time of the initial U.S. government announcement, the global remittances giant had promised to find a....
This essay is an updated chapter from Luis Buenaventura’s Reinventing Remittances with Bitcoin, available for free in e-book and print form now. One of the most common questions asked at industry conferences is why Western Union or Moneygram don’t just use Bitcoin themselves. If they did, they could eliminate the potential threat posed by the young Bitcoin remittance start-ups who are out there trying to eat their lunch. Theoretically, Western Union could just throw R&D resources at the problem and come up with a large-scale version of what companies like Bitspark in Hong Kong, Payphil....