During the presentation of the first-quarter earnings, the CEO of Western Union announced the launch of its USDPT stablecoin, scheduled for May.

It will be issued by Anchorage Digital Bank, which is currently the only federally licensed crypto bank in the United States.

According to the executive, the launch of the digital currency aims to offer an alternative to the SWIFT settlement system, leveraging the Solana blockchain “to process in real time and without business days what banks take up to three days to settle.”

The bank’s biggest ambition is to offer real-time settlement, 24/7, including holidays, unlike traditional banking.

The USDPT stablecoin is the first launch in Western Union’s plans. Second would be the Digital Asset Network (DAN), a platform that connects crypto wallets to the Western Union cash network. And third would be the Stable Card, planned for the end of 2026, which “will function as a debit card that allows users to hold stablecoins and spend in local currency through existing card networks, focusing on high-inflation markets where demand for dollar-denominated instruments is high.”

M.Pino

Source: cripto247

(Reference image source: appshunter.io on Unsplash)

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La entrada Western Union to launch its USDPT stablecoin apareció primero en Bitfinance.

Western Union could soon have its own stablecoin, CEO Devin McGranahan recently revealed. The goal is to launch a dollar-pegged token for the US market, expanding its service portfolio and becoming the first major global remittance provider to have its own stablecoin.

With this initiative, the bank seeks to modernize its operations and respond to growing” competition in the digital payments sector,” McGranahan said, as part of “Western Union’s strategy to offer faster and cheaper international remittances, taking advantage of the technological advantages offered by fiat-pegged cryptocurrencies.”

The executive explained that the stablecoin would be like a US dollar savings account for clients in other countries. This would help “reduce transaction costs and streamline cross-border settlements, a segment where fintech companies and stablecoin issuers are already gaining ground.”

All of this effort is part of the industry’s security measures and compliance with government regulations. Western Union would likely partner with a company in the cryptocurrency industry to launch the stablecoin.

M.Pino

Source: diariobitcoin

(Reference image source: appshunter.io on Unsplash)

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La entrada Western Union explores introducing its own stablecoin for global remittances apareció primero en Bitfinance.

ZOOM remittances has reported through its official Twitter account the reactivation of the services for sending money from Canada to Venezuela.

This service, suspended on August 5, 2019, has once again allowed the sending of remittances, so its users will now be able to make use of the more than 4,000 locations of Western Union agents in Canada.

According to the tweet: “The Western Union money transfer service from Canada to Venezuela has been reactivated. Now you can send money to Venezuela through its +4200 Western Union agent locations in Canada.”

Despite the fact that there is still no official statement from the financial services company, Western Union, the platform for buying foreign currency to the public expressed that to obtain more information they can use the following email account: atencionalcliente@zoom.red.

The email is available to all those who wish to know in greater detail the reactivation of the service, as well as to clarify any questions they may have.

K.Villarroel

Source: Finanzasdigital

La entrada Western Union reactivates money transfers services to Venezuela apareció primero en Bitfinance.

The new edition of the World Economic Forum, to be held in Davos from today, will have two sessions that will address the topic of cryptocurrencies.

The sessions, called Reestablishment of digital currencies, will take place this Monday 25 and next Thursday. The first will feature the participation of the Governor of the Bank of England, Andrew Bailey, along with Hikmet Ersek, President and CEO of Western Union.

Thursday’s group features four speakers, including Tharman Shanmugaratnam, a senior minister in the Singapore government, and Zhu Min, president of the Beijing-based National Institute for Financial Research.

The event in Davos is about a five-day summit, where the main figures in the world of finance are presented, where this year cryptocurrencies will play an important role during the event.

The World Economic Forum is dedicating more resources to understanding blockchain technology and cryptocurrencies. Indeed, the Geneva-based organization has created a cryptocurrency task force, which just last month published its inaugural review focusing on the various digital asset use cases “beyond price and speculation.”

K. Tovar

Source: Cointelegraph

La entrada Cryptocurrencies will be at the World Economic Forum apareció primero en Bitfinance.