The worldwide known remittance platform Western Union released a video in which it says that it is ready to work with virtual currencies. This is very important since there were several rumours linking Western Union with XRP, the second largest virtual currency in the market.

Western Union Ready to Work with Virtual Currencies

A few days ago, Odilon Almeida, the president of Western Union Global Money Transfer, informed that the company was ready to work with virtual currencies and secure international payments.

Almeida explained on the matter:

“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.”

Cryptocurrencies have been growing in 2017 but they did not have a good 2018 considering that most of the virtual currencies lost more than 80% of their value. In some cases the loses reach 99%.

Odilon explains that Western Union is better positioned in the market than other companies to start implementing virtual currencies in the long-term. He praises both how cryptocurrencies can be transacted as currencies and the benefits behind blockchain technology.

“There are two elements to the cryptocurrency,” he said. “The first one is the digital currency itself and the second one is the technology behind it: blockchain.”

There are many companies in the world using blockchain technology for many different issues. For example, it is possible for this technology to reduce transaction times but also to protect data. Some firms are using it to give more information to customers about the proceedings of specific products.

Although digital assets expanded all over the world. They were not able to achieve broad acceptance. There are many reasons according to Odilon, including governance, compliance and volatility.

Nevertheless, Western Union can be benefited with the adoption of virtual currencies. The company has a presence in more than 130 countries and it has invested a lot of money in the aforementioned issues.

Western Union has been testing Ripple’s technology since 2015. However, some tests performed with xRapid were allegedly ‘too early’ and ‘small’ to draw some conclusions about them. xRapid is one of the most important products developed by Ripple. With xRapid, institutions can embrace the XRP virtual currency to reduce costs and transaction times even further.

XRP was able to keep growing in the market surpassing Ethereum (ETH) as the second largest digital asset in the space.



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