Can this mean the begining of XRP coin to get some real value? A contract with an entity as Western Union is a big step for any buisiness, for crypeto even bigger. Western Union has been one of the leading companies when it comes to transfering funds, specially worldwide. They cover a great deal of cuntries all around the globe, so to be able to have blockchain tech working this funds is a huge deal. XRP is currently around the $1.12USD mark per unit with the third highest market cap and coin cap on the market and great 24hr valume, but for some reason it still stuck on the same place, maybe now we be able to see XRP go up to the $5USD $10USD or even the $20USD per unit mark if this trial were to a positive one.
Western Union Confirms Testing Ripple Technology For Money Transfers
13 HOURS AGO
By Helen Partz
Western Union Confirms Testing Ripple Technology For Money Transfers
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Western Union Confirms Testing Ripple Technology For Money Transfers NEWS
The financial services provider Western Union (WU) is testing transactions with the use of Ripple’s (XRP) Blockchain-based settlement system, the company’s Chief Financial Officer Raj Agrawal said in an interview with Bloomberg Feb. 14.
The globally known money transfer company Western Union confirmed that it is testing Ripple following more than a month of rumor-fuelled speculation that began in early January. The announcement comes after Western Union reported its 2017 results, claiming a revenue of $1.4 bln - a 5 percent increase over the previous year.
As Ripple’s CEO Brad Garlinghouse told Bloomberg, WU has decided to look into their platform in order to facilitate money transfers, particularly cross-border ones. Garlinghouse explained their choice by claiming that Ripple allows for transactions that are “a thousand times faster and a thousand times cheaper than Bitcoin’s.”
According to Bloomberg, Western Union’s Chief Executive Officer Hikmet Ersek also confirmed that testing is taking place during a conference call Tuesday, Feb. 13.
“We are looking especially in the processing settlement and working capital optimization, also in the regulation part, on the compliance part on the blockchain capabilities,” Ersek said, adding “we do have some tests with Ripple.”
Ripple (XRP) is a Blockchain-based settlement protocol and a cryptocurrency that has reached almost half of Bitcoin’s market capitalization in early January 2018, when its price rallied to over $3.00 per coin. By the middle of January, however, the XRP price has bounced back to a little over $1.00.
Wednesday, Feb. 14, Cointelegraph reported on a partnership signed between Ripple and the Saudi Arabian Monetary Authority (SAMA) to provide the technology for cross-border payments to banks in the Kingdom of Saudi Arabia (KSA).