Western Union “will be ready to launch” cryptocurrencies: Ripple’s XRP trials on track
|- “Western Union is ready today to adopt any kind of currency,” Western Union’s funds transfer president.
- Western Union has already started testing XRP as an option for international remittances.
The global payments and funds transfer company; Western Union has recently said that it is keenly observing the cryptocurrency space as well as the adoption of the digital assets. The payments guru says that is very much ready to include virtual currencies as an addition payment mode on its platform. A comment by the firm’s funds transfer president Odilon Almeida states that including digital assets is not an uphill task considering Western Union already deals with 130 global currencies.
“Western Union is ready today to adopt any kind of currency. We already operate with 130 currencies. If we one day feel like it’s the right strategy to introduce cryptocurrencies to our platform, technology-wise it’s just one more currency. I think cryptocurrency may become one more option of currency, or assets, around the globe to be exchanged between people and businesses. If that happens, we will be ready to launch.”
Western Union is proud to say that it has the facilities to reduce the current gap between digital assets and the fiat financial systems. This is due to the fact the company has more than half a million retail agent locations across the world in addition to the billions of bank accounts it has access to.
Western Union has already started testing XRP as an option for international remittances. The payments guru reckons that these tests are still ongoing. A recent report published by lackluster, the current tests with Ripple’s xRapid are significantly small and that they have been started a bit early.
Another explanation published by Almeida in the company’s blog post reads:
“Cryptocurrencies have so far failed to achieve broad acceptance because they have yet to master three things: governance, compliance and volatility. But Western Union is already better equipped to solve for such variables because it already moves money across 130 currencies and devotes substantial resources to all of those three challenges.”
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