Western Union Granted Patent on a Virtual Money Exchange
Western Union, that stalwart of American Logistics, that company that was so dismissive of Bitcoin, has been granted a patent on a virtual money exchange. They do say that the best gamekeepers are former poachers, so let's look at the facts. On the first of April (yes, April Fool's Day) of this year, the US Patent Office granted Western Union a patent on an exchange for "alternative currencies." The patent (8,688,563) is technically for "Alternative value exchange systems and methods." And while it was filed in October 2009 - nearly a year after the original Bitcoin paper - it was before....
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In recent months, there has been no shortage of potentially alarming headlines detailing how mainstream financial and tech giants such as eBay, IBM and JPMorgan may be looking to enter or impact the bitcoin space with strategic patent filings. The most recent company to enter these ranks was Colorado-based remittance giant Western Union, which received a patent on 1st April that reports have suggested would give the company a claim to a key aspect of the bitcoin industry - the exchange of alternative currencies. Despite the sensational headlines, however, it has remained unclear as to what....
In what could probably be called the surprise of the century, financial services company Western Union says Bitcoin just isn't quite ready for international money transfers - Western Union's big business. A huge surprise, indeed. It all went down at a Western Union conference that took place recently. "We're a long, long way from sending momma in Mexico $240 each month or a Somali family in a refugee camp $200 each month in bitcoin that is held in a wallet for conversion to local fiat currency and spending as needed," said MSB Compliance president Jay Postma. "The infrastructure and market....
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....
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 […]
Although it is not uncommon to charge high fees when sending money to foreign countries, this 10% fee applies to domestic transfers. If anyone ever needed more indication of how expensive Western Union is, look no further. Various Walmart stores across the US have a WU office, where people can send money to other citizens in the US with ease. Unfortunately, this service is rather expensive, as sending up to US$50 is subject to a near 10% fee. Not the solution most people would be looking for, and another reason to get involved in Bitcoin. Most people are well aware of how sending money....