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Western Union has highlighted that if it finally joins the cryptocurrency world, it is solving the three major problems impeding the growth and acceptance of digital currencies across the globe.
Western Union Global Money Transfer President Odilon Almeida in a video by ReutersPlus as contained in a blog post by the company, said that owing to the financial platform’s years of experience transferring funds across the world, it will solve the problem of governance, compliance, and volatility that has been reducing the success of the industry.
Western Union, which boasts of moving money across 130 currencies stated that it devoted enormous resources to solve the three challenges that the crypto space is facing.
The financial company’s deep knowledge in international payment makes it outstanding to benefit in the cryptocurrency territory.
Odilon Almeida points: “There are two elements to the cryptocurrency. The first one is the digital currency itself and the second one is the technology behind it: blockchain.”
She asserts: “Cryptocurrency might become one more option for a way for assets to be exchanged between people and countries. If that happens we would be ready to launch.”
Ripple (XRP)-Western Union Partnership
Not long, Western Union partnered Ripple Labs to affirm if sending money through blockchain is faster and cheaper. Up till now, the company is still testing Ripple’s state of the art solutions.
One interesting thing is that, Western Union, according Almeida, is interested in adding cryptocurrency to its customer options for the fact that the company has been in the remittance industry for two decades.
Now, cryptocurrency enthusiasts are optimistic Western Union is adding Ripple’s XRP, may be through its tool xRapid.
From 2015, Western Union has been romancing with Ripple’s cross-border remittance tool, however, Western Union CEO Hikmet Ersek has not stated something tangible to confirm the firm’s readiness to integrate xRapid.
Image Source: Medium.