Cryptocurrencies: 6453 / Markets: 44235 Market Cap: 24h Vol:
Seeking Alpha
2021-06-11 17:08:42

MoneyGram and Western Union mull El Salvador's move to Bitcoin

N Rotteveel/iStock Editorial via Getty Images As El Salvador adopts bitcoin as legal tender, the shift to a technology focused on decentralized finance could have implications for companies that get paid to move currency around the world. Bitcoin's Lightening Network is designed to enable rapid transactions at very low costs. If transfers flow through this blockchain transaction network it will enable a new payment system where transactions are instant and fees are little to nil. MoneyGram (MGI) shares are down 14% this week, but its $100M at-the-market equity offering may also be a factor. Rival Western Union (WU) is essentially flat. To be sure, MoneyGram isn't sitting still, announcing last month a partnership with Coinme to allow customers to pay for bitcoin with cash and withdraw bitcoin holdings in cash. As per Coindesk, Carlos Miguel Rivas Carrillo, attorney and founding member of a fintech association in San Salvador, shares his concerns for

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer