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Western Union Ready to Support Customers’ Crypto Adoption

  By David Drake   For over a hundred years, the global money transfer landscape has radically evolved from localized payments, that were the preserve of banks, to the emergence of numerous money transfer companies. One of the world’s leading money transfer company, Western Union, has managed to keep up with the changing financial landscape. It has established itself as a trusted global leader, operating in more than 200 countries with over 500,000 agents worldwide. Recently, Western Union announced it is ready to add cryptos to the list of currencies on its list of operations. Months prior to this announcement, the company CEO, was against any plans to include cryptocurrency in its transfer business citing low adoption of cryptos by its customers. But this has since changed. Speaking to Reuters Plus, Ersek said the global money transfer giant is keen on adopting cryptocurrencies and would consider its integration into its ... Read More »

Western Union Ready for Cryptos: How will this Impact Uptake of Digital Assets?

  By David Drake   Western Union, the global money transfer leader says it is ready for digital currencies. The company is not entirely new to cryptocurrencies as it has been testing Ripple, an international technology payment for months. In a recent announcement, the company indicated that it is equipped to incorporate digital currencies, as it views them like any other currencies. The Potential In view of the potential that blockchain and cryptocurrencies have in business, Western Union sees their eventual use as possible alternatives. Existing resources that the company has, like billions of client accounts, a global network of retail outlets and its existing digital transfer of fiat are likely to make it successful. At the same time, Western Union’s decision to incorporate digital currencies in its services is likely to have a positive impact on the cryptocurrency industry. Transactions are currently considered slow and expensive but integration of ... Read More »

Why Western Union is All Set to Include Cryptos in its Services

  By David Drake   Western Union,  the global funds remittance giant is considering going paperless this year. In an interview with Reuters Plus, Odilon Almeida, Western Union President, said the company has been exploring ways to include cryptocurrencies in its services. The global funds transfer giant has also considered employing blockchain technology in its operations as a way of adding value to its services. Consumers do not have to own cryptocurrencies or digital wallets to access this service as the company plans to offer conversions to fiat currencies. According to Almeida, Western Union is set to work with any currency. He said the company is already operation with 130 currencies and if at any point it finds introduction of cryptocurrencies strategic, it will just view it as another currency. Crypto Integration But the plan to add cryptos in its services  will only take off if the company secures global ... Read More »

Fidelity Investments is Bringing Cryptos Closer to Institutional Investors, Here’s How

  By David Drake   2018 has been a tough year for cryptocurrencies. After experiencing a boom that saw bitcoin reach a high of $19000 in December 2017, the cryptocurrency market capitalization has been reduced by billions of dollars this year. But the announcement made by Fidelity Investments last month could give the cryptocurrency market the boost it needs to get on the path to recovery. Founded in 1946, Fidelity administers assets worth $7.2 trillion, making it the fourth largest asset manager on the globe. The Wall Street financial firm is set to launch a separate company to focus on bringing virtual currencies to its customers. This move will provide institutional investors with a digital currency platform, advise and custody services. Bridging the Gap Fidelity Investment already has a client base of nearly 13000 institutional investors, including brokers and advisory firms. Through the Fidelity Digital Asset Services platform, the firm ... Read More »

Will Fidelity’s Digital Asset Services Platform Impact the Cryptocurrency Industry?

  By David Drake   The potential of blockchain and the rising interest in fintech is beginning to capture the attention of Wall Street companies.  Just recently, Fidelity Investments, a world leader and provider of a range of financial services launched a subsidiary company dubbed Fidelity Digital Asset Services to specifically handle cryptocurrency clients. Fidelity Investment is highly experienced in financial service provision to institutional investors and boasts of client assets worth $7.2 trillion under its management. As such, this financial company identified a gap in service cryptocurrency service provision to its niche clients and decided to address the gap. Positive Reception Fidelity Investment’s move to create a cryptocurrency specific platform has been received positively by industry players. According to ONe Network‘s CEO and founder, John Hoelzer, this step brings some level of legitimacy to the industry and is likely to bring the discussion on cryptocurrency regulation to the forefront. ... Read More »

Fidelity Investments Launches a Subsidiary to Offer Institutional Investors Digital Asset Services

  By David Drake   Numerous discussions on the cryptocurrency market have been taking place around the world and digital currency growth has been one of the most talked about topics. Though there is little doubt on how much impact emerging technologies will have on the financial sector, questions still linger on what factors will spur the growth in the cryptocurrency sector. Since it experienced tremendous growth in 2017, the cryptocurrency market has been hit hard by the regulatory uncertainty. But the regulatory environment isn’t the only factor that needs to be addressed to facilitate growth in this nascent industry. Increasingly, the need to to increase investments in this industry is becoming more evident particularly because at least 50% of the cryptocurrency market capitalization has been wiped off since January 2018. Institutional Demand Already, there are signs that more institutional capital could flow into the industry after Fidelity Investments, a ... Read More »

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