Western Union’s Trademark Filings just recently teased an intention to explore the path of cryptocurrency and the web3 space in general.
The company filed a crypto-related trademark application to the Patent office of the United States and the trademark office, the applications that Western Union signaled their interest in launching their virtual currency exchange alongside a cryptocurrency token.
Western Union also let their plans expand into the managerial and administering digital assets.
This news came shortly after MasterCard released its statement of integrating crypto services and payment methods into its platform. Google also partnered with Coinbase to allow their users to make certain payments using crypto.
What could it mean for the blockchain industry as these financial service companies and tech companies continue to adopt crypto into their services? Does this mean crypto has passed the stage of being viewed with suspicious eyes by the general public?
The Western Union Company is a multinational financial company with its headquarters in Denver, Colorado. With the use of Western Union, it is easier for people to get money from their loved ones across the United States. There are locations for Western Union in several places around the world; it is a company that has done well for itself.
Western Union indicating an interest in crypto is incredible for the blockchain industry as there are already millions of people with whom WU has built trust. When Western Union entirely finds its feet in the crypto industry, a ready demographic will crowd in to use its services. Not only that but there are already people who have already been in-depth in crypto and would love an avenue to do their day-to-day banking services while having the option to use cryptocurrency.
Western Union Will Create A More Friendly Space For Web 3
Western Union plans to go into crypto and explore Web 3 in general. Some aspects of Web 3 are just developing and finding their space and audience. With the inclusion of Web 3 and cryptocurrency into Western Union, another demographic would be willing to explore areas in web 3 because they believe a big financial company endorsing it gives it more credibility.
There are more spaces under web 3 that people would find themselves intrigued by, like GameFi, the NFT industry, and the Metaverse, which allows people to create their virtual worlds.
Western Union will create its virtual currency exchange and cryptocurrency token to the advantage of the crypto industry and the Metaverse.
Western Union’s Motivation For Joining The Cryptocurrency Industry
We must wholly ascertain Western Union’s reason for getting into the crypto industry or Web 3. Western Union stated that cryptocurrency might be a way to exchange assets across countries and between people. This will help motivate them to launch themselves into crypto.
Cryptocurrency has gone far in the past few years, and it has been pushed for its adoption by big companies who have sat back and seen its potential and growth in the years to come.
A Future With More Inclusion For The Web 3 Industry
While Web 3 has not gone as far as it eventually will, it still has an air of interest and excitement for a world where cryptocurrency and Web 3 find more inclusion in the general world, where there are more people in countries and companies across the globe. Companies with enough knowledge of crypto or a demographic willing to learn and get into the Web 3 and crypto space without fear of it being a scam.
Crypto may still be at a stage where it is just getting all the legalization it needs. With companies like Western Union, Google, and MasterCard, it is getting on its way to becoming generally accepted. A world where more people find themselves thriving in the crypto ecosystem, and as they succeed, it’ll bring more exposure for crypto.
Western Union may be very well equipped to handle all the challenges that come with cryptocurrency. It is presumed that the company will be able to handle the surge of people that’ll flock toward the blockchain industry and Web 3 with its crypto adoption.