(Kitco News) – The international money transfer company Western Union appears to be preparing to offer crypto-related services based on several recently filed trademark applications.
Trademark attorney Mike Kondoudis highlighted the filings with the United States Patent and Trademark Office in a tweet posted on Tuesday, which notes that the company filed their submissions on Oct. 18.
Western Union is looking for clearance to offer a variety of services, including the ability to manage wallets, exchange digital assets and commodities derivatives, issue tokens of value and offer brokerage and insurance services.
#WesternUnion has filed 3 trademark applications claiming plans for
▶️ Financial + Banking + Insurance
▶️ Virtual currency exchange + transfer
▶️ Commodity and Crypto trading + brokerage
▶️ Issuing tokens of value
…and much more#Web3 #Metaverse #Cryptocurrency #NFT #DeFi pic.twitter.com/YvKysvj3mq
— Mike Kondoudis (@KondoudisLaw) October 25, 2022
The nature of the applications made by Western Union suggests that the company intends to launch its own virtual currency exchange and cryptocurrency token at some point in the future, along with plans to manage and administer digital assets.
Up to this point, the firm has shown a great deal of caution about engaging with blockchain technology. As a major provider of cross-border remittance services, the ability of blockchain technology to facilitate money transfers is undeniable, but the state of development of the technology and lack of regulatory clarity have held it back from going all in.
With competition in the remittance market becoming more competitive, Western Union now appears to be expanding its options in a bid to remain relevant.
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