Western Union will work with cryptocurrencies

The largest American payment system Western Union turns its face to cryptocurrencies, writes an online magazine Forklog referring to CNN. The company received a patent for the use of a secure transaction management system, which can also be applied to digital assets.

The system offered by Western Union confirms transactions by biometric verification, which is expressed in the scanning of fingerprints, the retina of the eye or the client’s voice. The technology was developed for electronic networks, but the patent notes that in a number of cases it can be used for bitcoin networks and some other cryptocurrencies. The fact is that the network of electronic transfers can be configured for operations with different types of currencies, including crypto-coins, as well as other exchange services between users’ electronic devices and payment systems in different countries of the world.

green buildingAnalysts note that the description of the system does not mention the Ripple cryptocurrency at all, whereas it is considered to be created just for money transfer systems like Western Union. Nevertheless, Western Union shows a certain interest in Ripple. In particular, it was previously announced a partnership with Ripple for the test integration of cryptocurrency in the transaction of the payment giant. The company is also engaged in the implementation of blockchain technology in the field of money transfers with Coinbase. Source: innov.ru

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