Western Union began to use a blockchain for international money transfer

In April, 2019 Western Union announced use of a blockchain for implementation of international money transfers.

The company signed the agreement under the terms of which its cryptocurrency wallets are connected to the system of Western Union about a blockchain startup of Coins.ph. Thanks to it users of Coins.ph service had an opportunity "quickly and conveniently" to send money to "the city and remote regions".

Western Union began to use a blockchain for international transfers

Coins.ph is this Philippine financial company which has more than 5 million clients. Partnership of Coins.ph with Western Union will allow these users to accept payments practically in all countries in the world.

By April, 2019 about 10 million Filipinos work and live outside the country that does Philippines by one of the most popular places for cross-border money transfers. According to the local Central Bank, every month Filipinos from abroad send to the family living on Philippines, about $2.7 billion.

Thousands of Filipinos work abroad and regularly send financial aid to the family. They need fast and inexpensive transfers. Thanks to the partnership agreement of Western Union and Coins.ph we will open new opportunities of receiving and sending means for citizens — the CEO of Coins.ph RON Hose said.

To get money transfers through integration of Coins.ph with Western Union, users at first need to undergo online verification. It is most authorized to transfer about $2 thousand a month.

The project with Coins.ph became the first commercial use of a blockchain in Western Union. The international money transfer system announced possible cooperation with the companies earlier Ripple and Coinbase, however by April, 2019 plans were not implemented.^[1]

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