Western Union tests Ripple’s financial blockchain

Western Union might be testing the blockchain of Ripple, speculated some members of the financial community. And yes, it does, but this test phase did not give any major breakthroughs or discoveries yet, tells Raj Agrawal, Chief Financial Officer of Western Union.

Ripple has its own financial blockchain structure called XRP and eponymous cryptocurrency Ripple which has the same abbreviation. The main business strategy of this company is to improve various ties with banks around the world, offering to test their blockchain. News about this accelerated the market hype around the cryptocurrency at the end of the last year. While now Ripple costs $1.08 which is three times less than its price maximum, before its growth it cost less than a dollar.

Banks which demonstrated interest towards Ripple are mostly Asian, but Western Union with its headquarters situated in Colorado changes the popular stereotype.

Recently in Moscow at the event dedicated to cryptocurrency, local cryptocurrency business figures let Bitnewstoday know what they think on Ripple’s perspectives. They advised to pay attention to the fact that banks are largely still not digitized enough to respond to the needs of the modern world, implying that Ripple’s blockchain has a bright future.