Western Union, the world’s remittance giant, has realised that Cryptocurrency is the way forward. It has been keeping an eye out for Cryptocurrency especially Ripple’s cross-border transactions.
Western Union officially took to Twitter to state the developments of Cryptocurrency being adopted.
There's a lot of hype around cryptocurrencies.
— Western Union (@WesternUnion) December 17, 2018
The company has tested Ripple’s technology since 2015 and is still checking its capabilities further. The president of Western Union Odilon Almeida has confirmed that Cryptocurrency being added to Western Union’s list of currencies is not an issue.
As of now, it has tested xRapid. The technology developed by Ripple includes the Blockchain which is called RippleNet. RippleNet helps offer businesses and financial institutions a much more efficient cross-border payment system. One such method is xRapid. Financial institutions can minimise foreign exchange transfers using XRP as a currency of transfer from one fiat currency to another using xRapid.
Western Union headquartered in Meridian, Colorado has established itself as a trustworthy source of transferring money from one country to another.
With Western Union making it clear about Ripple’s technology being adopted expect a massive boost of Ripple adoption. Western Union will help bridge the gap between cash and Cryptocurrency. The global money transfer company t has more than half a million retail agent locations across the world, in addition to access to billions of bank accounts.
With hints about xRapid being used, XRP as a token will be widely in demand given Western Union caters throughout the world.
As of now, Western Union bases fees of transfers depending on the sender and receiver’s location, type of transfer, and whether the money is sent from a counter location or by the website. Ripple will help make the fees cheaper and faster leading to an overall efficient transfer experience.
Ripple has already partnered with Western Union’s competitor Money Gram in January 2018. Hence by Western Union adopting Ripple’s technology, it will take Ripple straight to the top regarding technology being adopted for money transfers.
XRP at the time of writing is in the green at $0.374672 with a market capitalization of $15,272,514,783. It still holds the second-ranked position with Ethereum placed third. Ripple has had an interesting year of partnerships throughout 2018.
Image Source – Ripple Coin News
Subscribe to our Newsletter to be a part of our future $1,000 per month contests.