Western Union will try blockchain technology with Ripple

maykocan (52)in #busy • 7 years ago (edited)

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Western Union, the world's largest Money Transfer Service, announced that Ripple and Blockchain are conducting a payment-based trial.

Raj Agrawal, CFO of Western Union, confirmed his long-standing partnership with Bloomberg during an interview. He said the Company had tested blockchain technology to see if it was sufficient for transfers.

Western Union will try blockchain technology with Ripple
Agrawal said that Blockchain technology is still in the test phase and is not an important part of the 167-year-old firm. He added that although the rise of the industry is associated with Blockchain technology, trials are not finished yet and that Western Union has not given a fruit yet.

Rumors from the beginning of the year about the trials claimed that a small publication, Ripple news, was working with Ripple, and that it was learned from a source inside the company. This rumor was supported by a tweet from Michael Arrington, who recently launched the first XRP-based cryptographic Hedge fund.

In particular, this is a trial between the two companies in 2015. Despite a pre-trial trial, Western Union does not seem to have made a significant change in its operations.

The details of the trial are very small, but the western union Company seems likely to be connecting to Ripplenet's Blockchain network.

Ripple, however, said in January: “in 2018, 3 of the world's five largest money transfer companies will be used Ripple in Payment Methods."he said. This gave rise to speculation that the Western Union has already begun xrp testing.

MoneyGram announces launch of xrp trials in January
According to CNN's report, it was the 2nd largest in the world. MoneyGram, a Money Transfer company, announced in January that ripple was beginning to try XRP based xRapid for internal transactions. So he became the biggest company that had publicly tried Xrp.

Earlier this week, ripple announced that one of the largest stock markets in the Middle East had a partnership with UAE Exchange. However, like most of ripple's other partners, ripple joined Rippenet instead of ripple Consensus ledge, the company's public Blockchain.

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7 years ago in #busy by maykocan (52)

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krguidedog (64) 7 years ago

Woff, woff!

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