Western Union just put its toe in the bitcoin/blockchain waters.
It announced an investment in Digital Currency Group, a bitcoin/blockchain startup-focused investment firm, which includes former Treasury Secretary Larry Summers, who is serving as an advisor and also put money up.
This comes at a time the investment company is attempting to focus more on blockchain than bitcoin itself — a common theme in the industry.
The details remain under wraps, but as it was explained by David Thompson, Western Union’s chief technology officer, its involvement is to “keep our eye on innovation.” Western Union is also running a pilot program with Ripple.
Summers himself has been vested in bitcoin for nearly two years.
“I am someone who believes in the capacity of technology to take out friction,” Summers told The Wall Street Journal. “That’s the high purpose of finance: to facilitate exchange rather than speculate.”
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