Western Union is Out of the business

Western Union recently released a short video in which it explains that it is ready to begin working with cryptocurrencies. That being said, the video does seem to go on to outline how they actually aren't ready and don't fully understand crypto.

Almeida believes that the firm’s long-term stance makes it potentially ready to launch any type of currency, including blockchain-based ones: "We already operate with 130 currencies. If one day we feel like it is the right strategy to introduce cryptocurrencies to our platform, technology-wise, it's just one more currency. I think cryptocurrencies may become one more option of currency or assets around the globe to be exchanged between people and businesses. If that happens, we would be ready to launch."

Apart from cryptocurrencies, Western Union is also exploring the use of blockchain. According to a press-release accompanying the video, the firm has already partnered with Ripple to “test whether sending payments by blockchain was faster and less expensive,” adding that the “tests are ongoing.”

Some on twitter responded by pointing out that this video doesn't really instill confidence that WU is ready for crypto or even understands it.

My Opinion is, I think They will be out of the business in no time. if they don't cut their fees and so much verification process for sending and receiving payment, people will not be going to adapt their services. People want faster but cheaper services and WU doesn't have that.