Money transfer corporation Western Union is testing out Ripple (XRP), a popular cryptocurrency. Managed by Ripple, a private corporation, XRP is one of the more widely used top 10 cryptocurrencies. In statements issued by both Western Union and Ripple, it has emerged that Western Union will trial Ripple’s xRapid product across internal operations. The product uses Ripple, the publicly owned and traded cryptocurrency, as against private enterprise Blockchains that are usually preferred by companies. Western Union CTO Sheri Rhodes told Yahoo Finance that the company was looking at optimising capital and improving transaction capabilities, regulatory technology and digital identity management with Blockchain solutions.
Western Union is the fifth major firm to test out Ripple’s xRapid product, which runs on the public Blockchain managed by Ripple. It is notable that MoneyGram, another major money transfer firm and Western Union’s competitor, has already tested out xRapid. These developments are expected to provide a fillip to Ripple as the company seeks to market its Blockchain based products. Besides this, more than a hundred financial corporations have tested enterprise Blockchain solutions offered by Ripple.
Source – Western Union tests out Ripple
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