Western Union Ready for Blockchain and Cryptocurrencies, xRapid and XRP Still Being Tested
Western Union is one of the earliest partners of Ripple Labs, as the financial institution started with testing Ripple technology already back in 2015.
With the announcement that came on xRapid becoming available as a financial system for banks and financial institutions, at the same time presenting the only product by Ripple Labs that actually uses XRP, Western Union agreed to test the cryptocurrency-powered remittance payment system.
Although xRapid is being tested for several months now, Western Union still has no significant impressions to share on this matter.
Previously, despite the claims that Ripple provides fast and cost-effective remittance payments, testing xCurrent, Western Union representatives announced that they weren’t able to note significant cost reductions with Ripple by far through their testing.
However, it appears that the well-known financial institution is more than ready to introduce cryptocurrencies to their list of available currencies.
Odilon Almeida, the global money transfer president at Western Union, said that Western Union is ready to adopt any kind of currency.
Western Union Ready for Cryptocurrency and Blockchain Adoption
As the transfer president Almeida claims, Western Union is ready to add any kind of currency to their list of offers as the institution is already operating with 130 global currencies.
Almeida also added that in case the institution would want to add cryptocurrencies to their offer as a strategic move, Western Union would be ready for crypto, as “technology-wise, it’s just one currency.”
It appears that the institution is not observing crypto as a threat to traditional currencies, while Western Union already showed their interest in blockchain through their partnership with Ripple, as well as their readiness to test with xCurrent and xRapid.
It also seems that Almeida is confident that crypto will soon become just another currency, claiming that Western Union will be ready once that happens.
Western Union Could Lead Crypto Mass Adoption Among Banks and Financial Institutions
This financial giant makes a perfect bridge between traditional native currencies and cryptocurrencies, already having been involved in blockchain-based operations, which is why Western Union could easily lead the cryptocurrency adoption in the future where it is presumed that cryptocurrency will be observed as a tech-wise currency that can be used for everyday payments.
Western Union representatives shared a tweet on December 17th stating that there is a lot of hype around cryptocurrencies, adding that “it is a good thing we have been transferring money digitally for nearly two decades.”
The company also shared a link to their blog post, published two weeks ago, on December 5th, where Almeida explains that the reason why cryptocurrencies failed to enter mass adoption by far is the fact these digital assets lack compliance, governance, and volatility.
However, Almeida is adding that cryptocurrencies might as well become another option for exchanging value between countries and people, stating that Western Union will be ready for launch once that happens.
Although Western Union is still cautious about adding cryptocurrency in accordance with their strategy, the company is more than interested in blockchain technology and its potentials.
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