A representative of one of the most extensive Western Union payment systems officially stated that the company began studying the technology of Ripple cryptocurrency.
At the end of last year, the crypto community talked about the possible interaction of Ripple and a large American company that specializes in providing money mediation services.
Rumors confirmed the financial director of Western Union Raj Agraval. He said that his colleagues are testing various joint solutions with Ripple.
This information was also confirmed by the head of Western Union Hikmet Ersek, has emphasized the fact that the company is seriously studying the potential of blockchain technology.
First, you need to separate the cryptocurrency and the blockchain system. The blockchain is impressive, as a technology that we can apply. We are testing the Ripple blockchain to know precisely what we can provide to our customers.
Despite the prospect of blockchain and cryptocurrency, the company faced the problem of using tokens. Now Western Union has joined the ranks of supporters who support the settlement of the Cryptocurrency.
... If digital currencies are the common currency that is used by the country, then we could quickly introduce it, but it is difficult to pay for a car wash with bitcoin or buy milk or pay school fees with bitcoin in Bangladesh, Ghana or Chile. We are present in 200 countries, and we are responding to a regulated environment. Together with the Reserve Bank, we apply our regulatory operations to regulatory conditions. Therefore, it is important for us that this currency is regulated, and then we can serve customers in the right direction.
Recently, Ripple has been increasingly announcing various partnerships with large companies and payment systems.
Such cooperation always strongly influences the growth of one or another token. However, do not forget that the Ripple platform is slightly different.
Information Source: FXStreet