Crypto Wallet Provider Partners with Western Union
By Jamie Green – Crypto Expert
The cryptocurrency wallet provider, Coin.ph, has partnered with the U.S. financial institution and services company Western Union for the enhancement of cross-border transfers. The initiative will first be trialled with the Philippines to provide the cross-border functionalities that buying and selling crypto offers.
The partnership will permit over five million Coins.ph customers to both regional and international payments transferred directly to their cryptocurrency wallet. This means that users can accept a transfer from any nation which Western Union operates in. Making a transfer to the user of Coin.ph will also not require the sender to buy or sell cryptocurrency for the transfer but will instead use existing infrastructure.
Western Union was strategically chosen so users could accept cash payments from almost every nation. The partnership will encourage the use of cryptocurrencies, but the service could not be used in reverse. A Coins.ph customer will not be able to sell Bitcoin or another crypto for cash to be transacted through Western Union’s infrastructure.
The Philippines was chosen for the trial as there is a need for international remittance services for sending money home. The existing banking infrastructure incurs large fees for the same service and is not efficient. Coins.ph has operations in the Philippines, Thailand, Malaysia and Hong Kong and has worked with commercial stores, Bitcoin ATMs, wire transfers and others to simplify the process of buying and selling Bitcoin. We could see the company expanding the reach of their services to more nations in the future.
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