Western Union Invests in Digital Currency Group

DimensionZ

sr. member

Activity: 350

Merit: 251

Shit, did I leave the stove on?

Quote from: Cyaren on May 01, 2016, 12:34:00 AM

Western Union is an outdated system. There is no wonder why they would invest in one of its rival businesses.

"If you can't beat them, join them" Grin

Yeah but Western Union don't have to essentially buy anything because the Blockchain technology is open-source and they can just scoop it up and develop their new infrastructure free of charge. It will be interesting to see how they will incorporate the fiat features into it and how successful it will be compared to Bitcoin.

Cyaren

sr. member

Activity: 294

Merit: 250

Western Union is an outdated system. There is no wonder why they would invest in one of its rival businesses.

"If you can't beat them, join them" Grin

Boosterious

sr. member

Activity: 308

Merit: 250

The mind is everything. What you think you become.

Quote from: avatar_kiyoshi on April 30, 2016, 12:18:49 AM

Western Union, whose business model of money transfer could be under threat from bitcoin, is one of the new investors in Digital Currency Group (DCG). DCG is an investment firm focusing on the bitcoin blockchain technology space.

Could this herald changing times?
About Digital Currency Group

Digital Currency Group was set up in October 2015 to focus on investments in the nascent bitcoin and blockchain technology space. Its portfolio of investments includes 70 companies across 22 countries.

It has 3 subsidiaries – Genesis, Grayscale and CoinDesk. The CEO and Founder of DCG is Barry Silbert, who had earlier founded SecondMarket.

The amount invested by Western Union in DCG has not been disclosed.

Full read: http://cointelegraph.com/news/western-union-invests-in-digital-currency-group

Hahaha I can't stop laughing at.

Not sure if that was true,but cointelegraph is agood bitcoin news portal,this is will not change anything,but give us and some people who love western union a good effect,more better technology will make western union better,and bitcoin will more popular because that.

panju1

legendary

Activity: 1246

Merit: 1000

Quote from: Divinespark on April 30, 2016, 10:13:17 AM

I think it's a purely cosmetic move by Western Union. Not convinced that they will survive crypto disruption given their fat margin induced cost structures.

They have a dilemma - keep charging fat fees until the competition overtakes you, or let go of your profits and evolve.
Not many organizations make the right decision.

Wendigo

legendary

Activity: 2604

Merit: 1036

Quote from: Divinespark on April 30, 2016, 10:13:17 AM

I think it's a purely cosmetic move by Western Union. Not convinced that they will survive crypto disruption given their fat margin induced cost structures.

But is it really? Is it possible that Western Union realized that they can't charge such big fees any more and get away with it just because people were forced to use their service in remote areas where there were no other ways to get remittances? Well now we have an alternative in Bitcoin and I guess Western Union are trying to use the Blockchain technology to better their service to be competitive. It's just my guess though don't quote me on that.

Anon_7716

full member

Activity: 154

Merit: 100

This is good news for the users of the Bitcoin, as more and more companies that make investments for Bitcoin getting bigger also possible that Bitcoin will become digital currency that will be used by everyone in the world and it will have an impact on the price of the Bitcoin. Start now to keep some Bitcoin is a pretty good destination for big profits in the future

cjmoles

legendary

Activity: 1176

Merit: 1017

I don't know what to think about all these new maneuvers onto the scene but what is 100 percent apparent in my mind is that something really big is in the works! The amount of money, power, and infrastructure making its move into this space is overwhelming to say the least. R3CEV's investment into blockchain technology research dwarfs bitcoin's marketcap alone! I think that we're gonna have to put on our seatbelts for a ride real soon, or we're gonna have to get ready to rumble, as they'd say when forces were aligning on the prison yard!

RealBitcoin

hero member

Activity: 854

Merit: 1009

JAYCE DESIGNS - http://bit.ly/1tmgIwK

Quote from: Hazir on April 30, 2016, 09:59:28 AM

Quote from: RealBitcoin on April 30, 2016, 08:37:46 AM

They are trying to ride the blockchain mania, from PR marketing standpoint.

Nothing interesting here, bitcoin doesnt benefit from these, its actually hurting it because it shifts focus away from bitcoin to "blockchain crap"

Well. Blockchain being main focus of interest of big companies is to be expected. Better to be interested in some aspect of bitcoin that not at all.
And this move will certainly add credibility to bitcoin companies and services, so I think bitcoin in general can benefit indirectly.

Yes but they hijack the movement and in fact they totally destroy it.

A public permissionless transparent blockchain -> private permission-based non-transparent authoritarian blockchain

It fucks up the entire bitcoin project!

bittrojan

hero member

Activity: 602

Merit: 500

Quote from: avatar_kiyoshi on April 30, 2016, 12:18:49 AM

Western Union, whose business model of money transfer could be under threat from bitcoin, is one of the new investors in Digital Currency Group (DCG). DCG is an investment firm focusing on the bitcoin blockchain technology space.

Could this herald changing times?
About Digital Currency Group

Digital Currency Group was set up in October 2015 to focus on investments in the nascent bitcoin and blockchain technology space. Its portfolio of investments includes 70 companies across 22 countries.

It has 3 subsidiaries – Genesis, Grayscale and CoinDesk. The CEO and Founder of DCG is Barry Silbert, who had earlier founded SecondMarket.

The amount invested by Western Union in DCG has not been disclosed.

Full read: http://cointelegraph.com/news/western-union-invests-in-digital-currency-group

Hahaha I can't stop laughing at.

another good news in this year,if this really happen and then western accept or adopt bitcoin technology,its would great,and i think bitcoin will more popular in my village.

Divinespark

hero member

Activity: 938

Merit: 501

I think it's a purely cosmetic move by Western Union. Not convinced that they will survive crypto disruption given their fat margin induced cost structures.

Hazir

legendary

Activity: 1596

Merit: 1005

★Nitrogensports.eu★

Quote from: RealBitcoin on April 30, 2016, 08:37:46 AM

They are trying to ride the blockchain mania, from PR marketing standpoint.

Nothing interesting here, bitcoin doesnt benefit from these, its actually hurting it because it shifts focus away from bitcoin to "blockchain crap"

Well. Blockchain being main focus of interest of big companies is to be expected. Better to be interested in some aspect of bitcoin that not at all.
And this move will certainly add credibility to bitcoin companies and services, so I think bitcoin in general can benefit indirectly.

Evildrum

member

Activity: 84

Merit: 10

★YoBit.Net★ 350+ Coins Exchange & Dice

Be a great idea to pull Western Unions numbers since bitcoin and see if there is a steady drop in transfers.
For them to operate they will need tighter regulations to operate next to the money transfer side.

katrimans

hero member

Activity: 882

Merit: 500

Quote from: BlackPanda on April 30, 2016, 12:35:37 AM

for now I have not been convinced to invest in western union. I am more interested and eager to invest my money in bitcoin.

Yes its time to leave western union and paypal behind and start moving towards bitcoins.

RealBitcoin

hero member

Activity: 854

Merit: 1009

JAYCE DESIGNS - http://bit.ly/1tmgIwK

They are trying to ride the blockchain mania, from PR marketing standpoint.

Nothing interesting here, bitcoin doesnt benefit from these, its actually hurting it because it shifts focus away from bitcoin to "blockchain crap"

Jasad

legendary

Activity: 1414

Merit: 1002

= jasad =

Quote from: avatar_kiyoshi on April 30, 2016, 12:18:49 AM

Western Union, whose business model of money transfer could be under threat from bitcoin, is one of the new investors in Digital Currency Group (DCG). DCG is an investment firm focusing on the bitcoin blockchain technology space.

Could this herald changing times?
About Digital Currency Group

Digital Currency Group was set up in October 2015 to focus on investments in the nascent bitcoin and blockchain technology space. Its portfolio of investments includes 70 companies across 22 countries.

It has 3 subsidiaries – Genesis, Grayscale and CoinDesk. The CEO and Founder of DCG is Barry Silbert, who had earlier founded SecondMarket.

The amount invested by Western Union in DCG has not been disclosed.

Full read: http://cointelegraph.com/news/western-union-invests-in-digital-currency-group

Hahaha I can't stop laughing at.

its funny but good moving from western union,might they bored to got compared with bitcoin,and of course its make they are want to know more about crypto currency,but honestly i dont too much trusted this media.

Denker

legendary

Activity: 1442

Merit: 1016

Quote from: nanonymousx on April 30, 2016, 12:39:35 AM

Quote from: BlackPanda on April 30, 2016, 12:35:37 AM

for now I have not been convinced to invest in western union. I am more interested and eager to invest my money in bitcoin.

This is good point.

For west union, since they do a lot of currency exchange, i think Bitcoin can significantly reduce their risk, they should really adopt Bitcoin technology.

As far as I know they are in contact with Ripple Labs.At least this is what I read a somewhere a while ago.
This investment in DCG doesn't mean they will have a look at Bitcoin. I think it's more the Blockchain they are interested in as you mentioned.

mbaeichapareiko

member

Activity: 101

Merit: 10

be weary. watch youtube vid regarding people involved with this project.
https://www.youtube.com/watch?v=yzG3T2XbMSE

lumeire

legendary

Activity: 1848

Merit: 1009

Next-Gen Trade Racing Metaverse

Quote from: botany on April 30, 2016, 12:33:26 AM

Quote from: avatar_kiyoshi on April 30, 2016, 12:18:49 AM

Western Union, whose business model of money transfer could be under threat from bitcoin, is one of the new investors in Digital Currency Group (DCG). DCG is an investment firm focusing on the bitcoin blockchain technology space.

Could this herald changing times?
About Digital Currency Group

Digital Currency Group was set up in October 2015 to focus on investments in the nascent bitcoin and blockchain technology space. Its portfolio of investments includes 70 companies across 22 countries.

It has 3 subsidiaries – Genesis, Grayscale and CoinDesk. The CEO and Founder of DCG is Barry Silbert, who had earlier founded SecondMarket.

The amount invested by Western Union in DCG has not been disclosed.

Full read: http://cointelegraph.com/news/western-union-invests-in-digital-currency-group

Hahaha I can't stop laughing at.

Laughing at who? Western Union? or Digital Currency Group?
Western Union should actually look at acquiring fintech companies, not just passively invest in them.

I suppose this is the first step. You never know, they might have been already on the lookout for companies that are worthy to buy.

Patatas

legendary

Activity: 1750

Merit: 1115

Providing AI/ChatGpt Services - PM!

Well,earlier morning I was wondering what is a DCG. Thanks for clearing that up.Now I see DCG as a potential threat to bitcoin.Since its a "group" of people making decisions,I'm afraid establishing standards to regulate the use cryptocurrencies might come true.That's a nightmare.On the brighter side,I'm sure they can't gain control over bitcoin.Might as well start their own shitcoins to implement the rules.

nanonymousx

sr. member

Activity: 252

Merit: 250

Quote from: BlackPanda on April 30, 2016, 12:35:37 AM

for now I have not been convinced to invest in western union. I am more interested and eager to invest my money in bitcoin.

This is good point.

For west union, since they do a lot of currency exchange, i think Bitcoin can significantly reduce their risk, they should really adopt Bitcoin technology.

Topic: Western Union Invests in Digital Currency Group (Read 1013 times)