Western Union Tests Ripple’s xRapid As Plans To Dive Into The Cryptocurrency Industry

Ripple cannot get enough of this good news as it continues to build solid relationships and get thumbs up from some of the world’s strongest financial platforms. Recently, global remittance establishment, Western Union, announced that it is ready to dive into the world of cryptocurrencies and it is starting from XRP. The company has been watching the rate at which cryptocurrencies have been gaining adoption on a global scale. Soon, it would be adding a cryptocurrency payment option in a bid to promote this global campaign. Customers will be able to access this option anytime they want. 

Western Union Joins The Train 

The global remittance president at Western Union, Odilon Almeida, said that it was easy for the platform to integrate cryptocurrency. In his words:“We are ready to adopt any type of currency that is catching public interest. Already, we are active in 130 countries. If we believe introducing cryptocurrencies is the right move to make one day, we will do it. It’s simply just one more currency. I believe cryptocurrencies will eventually gain global adoption as people and businesses will accept it as a medium of exchange. When this happens, we will be prepared to launch.”
Right now, Ripple is in the right position to bridge the gap that exists between cryptocurrencies and fiat money. It has access to billions of bank accounts and works with more than half a million retail agencies. 

Western Union And Ripple: To Go Or Not To Go?

Since 2015, Western Union has been testing Ripple’s technology. They have shown interest in the cross-border payment technology designed by the company. According to Western Union, these tests are still ongoing. Notwithstanding, the tests are still at their early stages so it is still too soon to reach any conclusion at this time. On Twitter, the platform stated:“There is a lot of hype surrounding cryptocurrencies. It’s a good thing we have been sending money digitally for more than 20 years. Bring on the #blockchain.” 
Western Union believes that integrating cryptocurrencies will be easy since it already has a firm position in the global transfer of fiat. Everything is expected to go smoothly when the time is right. As the global money movement continues to gain momentum, there is a possibility that Western Union will become the first major brand or one of the first major brands in the industry to identify cryptocurrencies as a viable method of payment on a global scale. 
The announcement gives a hint that a time is coming when there will be an intersection of fiat money and digital money creating a hybrid economy. When this happens, customers will be allowed to choose which kind of currency they want to use to perform transactions. 
Almeida concluded:“So far, cryptocurrencies have not been able to achieve global adoption and this is because they are still highly volatile, haven’t established governance and have no clear regulatory framework. These are problems that can be solved if Western Union decides to integrate cryptocurrencies. The platform already devotes a substantial amount of resources to solving these three problems.”
While Western Union has clearly shown interest in the cryptocurrency industry, the company did not give any date for when it will integrate this currency. Right now, it is still testing Ripple’s xRapid. The positivity towards the industry is a good sign. 


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