According to trademark lawyer Mike Kondoudis, remittance behemoth Western Union, based in Denver, Colorado, has submitted many crypto-related trademark applications to the U.S. Patent and Trademark Office.
Western Union May Launch Crypto Token
According to the company’s trademark registrations, it may have plans to start a virtual currency exchange in addition to operating and servicing digital currency wallets. Additionally, Western Union may launch its own cryptocurrency token in an effort to compete with firms that are crypto-native.
Its trademark applications also encompass financial brokerage services that have to do with controlling and overseeing cryptocurrencies and associated financial instruments.
Eyeing Crypto Since 2014
Whether Western Union will enter the crypto space is still up in the air, but its most recent filings are not entirely unexpected. Hikmet Ersek, the former CEO of Western Union, stated that he would be open to using Bitcoin if it were to be fully regulated as a currency back in 2014. His business looked at partnering with Ripple Labs in 2015, but nothing came of it.
In March 2017, Western Union first filed for patents to analyze cryptocurrency transactions. It also hinted at an interface with Coinbase that year, but it didn’t materialize. The world’s largest money transfer company partnered with blockchain startup Coins.ph in April 2019 to make it simpler for Filipinos to receive remittances.
Back In June 2020, Western Union planned to acquire former Ripple partner MoneyGram, but the deal never materialized. That deal is still up in the air to date. The remittance giant’s move to venture into crypto looks like an informed action that seeks to keep up with the times. With new innovative technologies popping up through companies like Ripple, Western Union, which has been disbursing funds all over the world for decades, must be feeling the heat and seeking to keep up with new market entrants.
We will keep you updated on the Western Union’s next crypto move.
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