Western Union partners up with Ripple to test faster payments

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  • 9 months ago
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President of Western Union Odilon Almeida has hinted to the possible use of blockchain technology as it also eyes to launch its own cryptocurrency.

He said that there is no real difference between traditional currencies and cryptocurrencies, "We already operate with 130 currencies. If one day we feel like it is the right strategy to introduce cryptocurrencies to our platform, technology-wise, it's just one more currency. I think cryptocurrencies may become one more option of currency or assets around the globe to be exchanged between people and businesses. If that happens, we would be ready to launch."

Nevertheless, Almeida feels that in order to go ahead the crypto-market would have to stabilize itself by adjusting to regulatory bodies and control the volatility as this year alone has showed.

However, it is already open to use the blockchain technology to execute payments and it has already teamed up with Ripple to test if the technology can be cost effective and less time-consuming.

It may seem like a u-turn on the company’s CEO Hikmer Ersek who earlier this year did tone down any possibilities of using cryptocurrency as a service, but as more sectors are open to welcome the technology it would probably feel right to not be left behind.



Source: Smart Trend Team