Financial services giant delves into bitcoin business

Leading remittance company, Western Union, has set its eyes on the fast growing bitcoin market by investing in bitcoin accelerator, Digital Currency Group (DGC), reports reveal.

“Over the past six months, we have worked with our investors and other corporate partners to create new models for partnership that create value and opportunity for our portfolio companies, our investors, and the broader corporate ecosystem,” announced DCG.

Innovation Village reports the move is focused on helping the companies learn together and build partnerships to achieve the cryptocurrency's true potential as well as accelerating the development of a better financial system.

READ: "Tech innovation, competition driving down costs in remittances industry" - expert

The group recently invested $900,000 in Bitcoin remittance and utility bill payment service Bitwala along with the Federal Ministry of Economics, the KfW Banking Group, Carl Zeiss, Daimler, Deutsche Post DHL & Deutsche Telekom.

DCG is based in New York City and has been an active seed investor in the digital currency industry with over 60 investments in nearly 20 countries, Innovation Village reports.

Other investors include Beijing-based HCM International Company, and funds including Gibraltar Ventures, OMERS Ventures, Horizon Kinetics, Kingsbridge Wealth Management, and Wood Investment Partners.