Earlier this year Western Union said that it won’t be accepting crypto payments any time soon, nor will it consider using Ripple’s xRapid platform as it’s too expensive. Ripple hit back at the claims – as it so loves to do – saying that Western Union was only passing a handful of transactions through the platform, making it look expensive. In a complete turn of events, Western Union has now teamed up with Ripple and its xRapid platform and is ready to take crypto payments – talk about seeing the light.
Adding Crypto to its Platform is Easy
Western Union already transfers more than 130 currencies around the world digitally, and it has compared cryptocurrencies in the same vein. In a blog post on its website, Odilon Almeida – Western Union President of Global Money Transfer – said that adding a cryptocurrency would be as simple as adding another fiat currency and could be done very quickly.
Western Union is ready today to adopt any kind of currency. We already operate with 130 currencies. If we one day feel like it’s the right strategy to introduce cryptocurrencies to our platform, technology-wise it’s just one more currency.
I think cryptocurrency may become one more option of currency, or assets, around the globe to be exchanged between people and businesses. If that happens, we will be ready to launch.
xRapid Has Proven its Worth
The Ripple network and its xRapid platform has already proven its worth, demonstrating its ability to allow banks and people to transfer millions in just a few seconds for a few cents. A few weeks ago, a whale transferred just shy of $1 billion in XRP costing a mere 0.000012 XRP. It’s this power that Western Union wants to harness in order to grow its business and expand into the crypto world. If it can move all of its currencies using the xRapid platform, it will save customers huge amounts on fees and will help to future-proof the business.
Banks Joining the Blockchain Revolution
It isn’t just Western Union using blockchain technology to power its payments. Banks all around the globe are signing deals with Ripple and its xRapid platform to power their cross-border payments. On top of this, traditional banks like Bank of America are applying for blockchain patents to create their own systems.
If Western Union starts allowing people to send cryptos, we could see a huge boost in the price of most cryptos. The news would be a clear sign of mass adoption and it would allow for cryptos to be sent to friends, families, and businesses all around the globe at the touch of a button. While this is already possible, Western Union’s big name supporting it would make a massive difference.
