Cointrust reports that Western Union, a pioneer in international money transfers, has started a project to take advantage of Ripple’s blockchain technology and its proprietary digital currency, XRP. Western Union CEO Hikmet Ersek discussed the company’s attempts to investigate the integration of Ripple’s technology and XRP coin into its systems during a recent conference call.
A pilot experiment of the payment system xRapid, which uses XRP for transactions, is being conducted as part of Ripple’s relationship with Western Union. This partnership demonstrates the growing tendency of major financial institutions integrating cryptocurrency into their daily business.
Western Union’s cooperation with Ripple signifies the gradual and progressive incorporation of cryptocurrencies inside the plans of major financial organizations, which adds to the appeal of XRP among investors in their twenties, according a survey from South Korean cryptocurrency exchange Bitsum. In the end, Ripple’s partnership with Western Union demonstrates how the cryptocurrency business is starting to have an impact on more established financial sectors and positions it as a serious competitor to revolutionize transaction efficiency.