Bitcoin has often been referred to as the disruption of the remittance sector, due to its global availability and low fees when sending money around the world. It comes as quite a surprise to find out Western Union has invested in Digital Currency Group, a company focusing on Bitcoin and blockchain.
New Digital Currency Group Investors
It is always positive for any business in the world of Bitcoin and blockchain to secure additional investment. Things may seem a bit strange when an investment group gets other investors on board, but that is the nature of the game. Moreover, this will bring more positive attention to Bitcoin and the blockchain as well.
Digital Currency Group announced several new investors in recent times, including various investment managers, VC funding, and surprisingly enough, Western Union. This gives the Bitcoin firm a vast array of strategic partnerships all across the financial sector, which may help bring blockchain technology to all of these investors in the long run.
The future of cryptocurrency seems to be solidified more and more every month, with the growing interest in Bitcoin technology all over the world. The digitization of our society can not be stopped, and with so many financial players having to catch up with innovation and technology, interesting things are bound to happen.
The Digital Currency Group press release stated:
“Our team believes that neither a standalone venture capital or standalone private equity model is perfectly suited to support – and help drive forward – new industries like ours. This is why we set out to create a company, not a fund, that could have the flexibility and permanent capital base needed to invest in technology and build service businesses to enable institutions, corporations, and investors to access digital currency and distributed ledger technologies in new ways.”
What is worth noting is how Digital Currency Group is also gaining a foothold in the manufacturing industry these days. This may not seem like a significant achievement right now, but rest assured those companies are taking a keen interest in Bitcoin technology as well. Not just the blockchain itself, but perhaps even Bitcoin, as they deal with customers all over the world. International payments are expensive and take several days, whereas Bitcoin is cheap and almost instant.
It will be interesting to see how the involvement of Western Union will affect the course of direction for Digital Currency Group. Considering how both of these business models are clashing, it seems unlikely Western Union will embrace Bitcoin any time soon. The blockchain, on the other hand, would be quite appealing to them for sure.
Header image courtesy of Digital Currency Group