Currently, the project is being piloted with Western Union employees and has entered into development in 2016, company representatives said for CoinDesk. No launch date has been set, but an announcement could be forthcoming. However, the project does not address digital currency transactions, but instead, back-end for fiat transfers.
Besides the Coinbase project, the remittance company is working on other blockchain developments, as well. Using blockchain to standardize bank integrations, real-time settlement, integrated smart contracts for import/export transactions and alternative payment types or blockchain’s possible role in streamlining compliance are just a few.