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Western Union Gets Crypto Ready While eToro’s Crypto Arm Gets Regulated in Gibraltar

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Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Key Highlights:

  • Western Union ready to support cryptocurrencies
  • XRP may gain as Western Union has an existing partnership
  • eToro’s crypto arm gets Gibraltar’s Blockchain License

Western Union all set to support cryptocurrencies

Well, when it comes to making cross-border remittances, Western Union has been the first choice of many. Being in existence for such a long time the company has near pioneered the art of global remittances and commands a good market share. But now with changing times, the traditional global remittance giant is getting ready to adopt the new age technology for transferring money globally. Yes, you heard it right, Western Union has made an announcement that it is all set to support cryptocurrencies. The company took on Twitter to announce the same.

In the video put up on company’s official Twitter account, President Odilon Almeida stated “we already operate with 130 currencies” and went on to say that if they feel like adopting crypto then “technology-wise, it’s just another currency.”

The post from WU did not go unnoticed by the community and crypto enthusiasts who were only too happy to point out that the entire point of cryptocurrencies was that they can be sent without the need of a third party.

While the news is getting a mixed reaction from people around the world, One thing that might be helpful here is that Western Union is still in partnership with Ripple Labs and are conducting an ongoing pilot to see how XRP can streamline things for them. While all eyes would be on Ripple’s and XRP’s role in getting WU crypto ready, Dash too released a video explaining how useful Dash can be used to transfer money globally in a secure manner and at a very low cost.

eToro gets licensed by Gibraltar regulator

While a lot of focus now coming back to regulation, eToro is now the first multi-asset broker that carries stocks, commodities, currencies, ETFs, and crypto in a fully licensed and regulated offering. The fact that the platform is ever so simple to use is just an added bonus. The ramifications of this announcement are nothing short of mind-blowing as it carries significant implications for the entire crypto industry. This means there is a clear path to regulation for all crypto assets.

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