One of the largest companies in the world in the field of financial transfers Western Union does not exclude the use of blockchain technology in its activities in the future. In a video on the official WU Twitter account, President Financial Translations Odilon Almeida stated the following:
“Western Union can integrate any currency into its system. We are already working with 130 fiat signs. And if one day we realize that we need to add support for cryptocurrency, then from the point of view of technology, this is just another currency. I believe that in the future cryptocurrency can become a widely used asset in business and private transfers. And if this happens, we will be ready. ”
Western Union and Ripple Partnership
At the beginning of 2018, it was announced that WU would test Ripple Labs’ xRapid technology in one of its pilot projects.
Then the results were not the most successful. Western Union CEO Hackmet Ersek said that the introduction of xRapid was not economically viable:
“We are often criticized that we work inefficiently. But we ran tests with Ripple and this technology is too expensive for now. ”
But the number of transactions was too small to make global conclusions. Therefore, in the future, cooperation between WU and Ripple is possible.
Back in June 2018, the same Hackmet Ersek declared that the company would not work with cryptocurrencies :
“Customer needs speak for themselves. No one pays hospital bills using digital currencies. And financial regulators and central banks are not ready to switch to a decentralized system of financial settlements. ”
Six months later, the company’s course has changed. Therefore, even in 2019, we can expect news from the camp of WU.