Transfers of Western Union directly to cryptocurrency wallets

Western Union, a popular money transfer service, has entered into a partnership agreement with Coins.ph, the leading bitcoin company in the Philippines, through which residents of this Asian country can receive money transfers to their cryptocurrency wallets.

As noted in the press release , the Coins.ph user base has more than 5 million people, while the number of Filipinos who work outside the country and regularly face the need to send remittances home is about 10 million people. The new service will offer “fast and convenient access to remittances in urban and remote regions”.

“A lot of Filipinos who work in other countries regularly poison money home, and therefore we are constantly looking for new options that would make this process as convenient as possible. By combining payment technology Coins.ph with the global network of Western Union, we give the people of the Philippines a reliable way to get money in digital form anywhere, ”said co-founder and CEO of Coins.ph Ron Howes.

The report notes that after verification, users will be able to receive monthly transfers in the amount of 100 thousand Filipino pesos (about USD $ 1 907).

Note that Coins.ph is one of the oldest services in the Bitcoin ecosystem. At the end of 2014, the company offered its users an “instant transfer” service , which allowed them to withdraw funds sent from 450 ATMs across the country.

In 2016, Coins.ph received a $ 5 million investment , and is currently also working with Ripple to integrate xRapid payment solution using XRP tokens.

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