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Western Union Considers Using Blockchain Technology And Cryptocurrencies

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One of the most popular financial services Western Union is on our crypto news today after a video interview with the Western Union President Odilon Almeida where he said that the company is considering using cryptocurrencies.

Almeida also pointed out that they are exploring how they can improve their financial services by using blockchain technology. The company is interested in adopting cryptocurrencies so that users can exchange them for fiat currencies. However, he made very clear that this could only happen if the idea connects with a global audience.

He also pointed out some of the limitations of cryptocurrencies such as volatility, governance, and compliance as the top three reasons that block the growth of the cryptocurrencies. He explained:

‘’Western Union is ready today to adopt any kind of currency. We already operate with 130 currencies. If we one day feel like it’s the right strategy to introduce cryptocurrencies to our platform, technology-wise it’s just one more currency. I think cryptocurrency may become one more option of currency, or assets, around the globe to be exchanged between people and businesses. If that happens, we will be ready to launch.’’

The company has already ran a blockchain trial in June this year with Ripple but the CEO of the company said that there aren’t any cost savings from the trial that are relevant to implement Ripple into the system.

The vice president of product at Western Union Asheesh Birla pointed out that it’s impossible for the company to achieve cost savings benefits after making transactions with XRP but if the volume is moved at scale, there is a slight chance to see something surprising.

Almeida remains optimistic about using cryptocurrencies for cross-border payments and he really believes that it could make his company more efficient.

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16% Of The Biggest Crypto Exchanges Got Rated A Or A-

According to the latest Exchange Security Report conducted by the ICORating analysts, 16% of all the major crypto exchanges in the world got rated with A or A- but surprisingly enough neither of them got rated A+. Let’s find out why in the latest blockchain news below. The report shows that Kraken and Robinhood were rated A, and Poloniex was rated A- as top three most secure trading platforms worldwide. More than 135 crypto trading platforms were assessed which their daily trade value exceeds $100,000. They were rated for registrar and domain security, web security, DoS attack protection, and user account security. More than 50 percent of the exchanges got rated with B+ or B- and the remaining with C- or C+. There was not a single exchange that got A+. All of the categories were divided into sub-categories for more transparency. For example, for the user security category, password security and two-factor authentication were assessed where only 22 percent met all the criteria. For domain and registrar security, the sub-categories consisted of six-month expiration window for the high-profile domains and only 3 percent satisfied the criteria. All of the exchanges turned out to be protected from MITM attacks and Heartbleed attacks and 37 percent of the exchanges were found to be using HSTS header. ICORating’s data shows that Coinbase PRO has A- rating on number nine, BitMEX on the fourth position with A- and HitBTC ranking 13th with A-. On the other hand, Binance which is the world’s largest exchange by daily trade volumes was ranked 34th with B+ and Gemini was ranked 84th with B-.
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New Crypto Wave Will Focus On Stablecoins: Swiss BTC Association Board Member

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Bitfury Enters Music Industry With Blockchain-Based Open Source Platform Launch

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