The remittance giant Western Union has applied for a few trademarks revealing exciting digital opportunities to come
As reported by trademark attorney Mike Kondoudis, Western Union may be preparing to offer crypto-related services including an asset and commodities exchange, insurance, and Western Union’s own token.
The company filed for three trademarks on Oct. 18. The activities allegedly covered by the applications include managing wallets, exchanging digital assets and commodities derivatives, issuing tokens of value, as well as brokerage and insurance services.
The major provider of cross-border remittance services displayed its interest in cryptocurrency as it partnered with Ripple in 2015. However, the partnership didn’t go past the testing phase, so no crypto transfers were actually available at Western Union.
Nevertheless, Western Union continued to explore electronic wallets. In particular, its partnership with blockchain platform Coins.ph enhanced remittance services in the Philippines.
Innovative offerings may strengthen Western Union’s position in the increasingly competitive remittance market. Payment leaders including PayPal, Mastercard and Coinbase have recently entered the market, diversifying the range of trusted brand names in the remittance segment.