Western Union applies to crypto-related US trademarks
Western Union may reportedly consider adding cryptocurrency-related products and services.
The firm has filed several trademark applications related to crypto, U.Today reported Tuesday (October 25).
Its filings with the United States Patent and Trademark Office (USPTO) suggest that Western Union is interested in a virtual currency exchange, digital currency wallets, a cryptocurrency token and financial brokerage services related to crypto, according to the report.
PYMNTS has contacted Western Union for comment.
The report comes shortly after Western Union delivered a financial outlook and strategy through 2025 that puts revenue trends on an upward trajectory starting in 2023.
Read more: Western Union looks to ’23 to reverse revenue decline
The company’s Evolve 2025 strategy connects the purpose of bringing high-value, accessible financial services to emerging populations around the world, the company said in a statement released on Thursday (October 20).
“Our new strategy is designed to improve the products and services we deliver to our customers,” Western Union’s president and CEO Devin McGranahan said in the release. “It will leverage the strong foundation we have built to create a more meaningful relationship with our customers by providing essential financial services beyond remittance.”
PYMNTS research has found that 23% of surveyed consumers – representing 8 million adults – who made online payments to friends or family in other countries used at least one type of cryptocurrency.
Read more: Almost 25% of US cross-border remittance senders use crypto
In fact, 13% of consumers surveyed said cryptocurrencies were their most used payment method for online cross-border money transfers, according to “The Digital Currency Shift: The Cross-Border Remittances Report,” a PYMNTS and Stellar Development Foundation cooperation.
This adoption of crypto by consumers has been driven by their desire for a payment option that allows them to send payments quickly and securely, the research found.
