The cryptocurrency market has been of deep interest to the Financial Institutions but the continuous ups and downs have kept a few major institutions at bay. However, Western Union has a piece of good news for the Ripple followers as per Western Union’s Global Money Transfers General Manager, Asia Pacific, Molly Shea.
Shea in a podcast interview with Analyseasia said:
“We’re piloting some settlement tests with Ripple for certain corridors, the US Dollar and the Mexican peso is one example..learning about possible opportunities.. the options that we choose need to be legitimate and widely acceptable for consumer use”.
Shea informed this to the audience when she was asked about her views towards blockchain and its applications to remittances while assuring the listeners that the physical currency is “not going anywhere”. Shea said that the field of cryptocurrencies is still evolving and it is about staying knowledgeable about the technological advancement to know its application for what you need. Shea also informed:
“We have made an investment in a digital currency group. It’s a fund that finds industry-leading insights into blockchains and cryptocurrency space. “
Western Union Global Money Transfer President, Odilon Almeida had claimed in an interview with Reuters Plus that the company is “ready to adopt any kind of currency”, potentially cryptocurrency.
He had stated that there is not much difference between cryptocurrency and regular digital payments. According to Almeida, the firm’s long-term stance makes it conceivably prepared to launch any type of currency, which includes blockchain-based currencies too. He had said:
“We already operate with 130 currencies. If one day we feel like it is the right strategy to introduce cryptocurrencies to our platform, technology-wise, it’s just one more currency. I think cryptocurrencies may become one more option of currency or assets around the globe to be exchanged between people and businesses. If that happens, we would be ready to launch.”
While Western Union and Ripple’s xRapid are working towards speedy cross-border payments, this pilot settlement tests could go a long way in achieving it.