President Western Union said he was willing to adopt crypto as a transfer method. In a video posted on Twitter, Odilon Almeida claims:
"We already have 130 currencies.If we think about introducing crypto on our platform, we want to be technologically prepared.For we will simply be other coins.I think digital coins can become an extra option for currency or assets to be transferred between people and companies around the globe. "
But Almeida believes that the crypto market is just beginning. They have to solve many problems before they are adopted on a large scale. The Western Union executive believes that the main disadvantages to be overcome are volatility, governance and compliance.
He has shown optimism that Western Union can help overcome these problems. If it considers them to be of interest, the company is willing to "allocate significant resources to address these three issues."
Almeida also said that the so-called stable crypto are a way of solving the volatility problem.
Evaluation of blockchain utility in partnership with Ripple
President Western Union said:
"There are two elements of interest when it comes to crypto. The first is the digital currency itself, and the second is the technology behind it: the blockchain."
Blockchain allows the exchange of information and storage of transaction data in an efficient way. There are many potential applications for the financial services sector, and Western Union wants to find those that best fit the platform.
Western Union is exploring
currently blockchain technology in partnership with Ripple. According to the statements in the posted video, the company wants to evaluate the benefits it can offer.
"We're currently testing blockchain technology to find out if it's a faster and cheaper way to make transfers."
Western Union's official attitude towards Crypto has changed considerably in recent months.
In June of this year, CEO Hikmet Ersek said the introduction of crypto would not be done too soon.
"People do not pay their hospitalization bills in the crypt," he said at the time.
It remains to be seen, however, whether Western Union is able to understand the concept of crypto, or this is a simple attempt to follow the wave of interest in this domain.