Western Union, an American financial services company, has entered into a partnership with Ripple Labs for testing Blockchain payments, and also thinks currencies of the implementation of Crypto. During the interview with Reuters Plus the President of Western Union Global Money Transfer Odilon Almeida admitted that the company has reviewed whether it should accept cryptocurrencies for payment or not. The President also stated that Western Union is examining the potential methods for the improvement of their services through the use of the Blockchain technology.
Western Union is ready for any type of currency as a means of payment add. We are already working with 130 currencies. One day when we have the feeling that it is right crypto-currencies would add to Western Union, then it is technically not more than Adding a new currency. I think that crypto-currencies can be a further Option of currencies or Assets that can be transferred from people or companies all over the globe. If that happens, we are ready for the Start. I think that crypto-currencies can be a further Option of a currency or Assets around the Globe, to be between people and companies. If that happens, we are ready for the Start.
According to an official Blog Post from Western Union, the company is due to its far-reaching understanding of the global money transfers will be able to benefit in the long term the progress of the crypto industry more than any other company. Almeida added that Western Union would now be able to your customers crypto-currencies as means of payment to offer, as they have been doing this for more than 20 years with the digital currency transfer.
He also stated that the crypto currencies have so far disappointed, and no Mainstream recognition, as the basic things such as Governance, Compliance, and volatility of most of the crypto-projects are not observed.
Western Union and Ripple Labs
The Board Chairman also stated that there are two important aspects in the case of crypto-currencies. The First is the digital currency itself, and the Second is the technology behind the crypto-currencies, known as the Blockchain. The Blockchain provides companies and private individuals, the storage and Transmission of data, in an adequate and efficient System. There are many interesting applications for the financial services sector, therefore, Western Union has invested a lot of money in the discovery of those which are suitable for your platform perfectly. Lately, Western Union has undertaken in collaboration with Ripple Labs, whether the Transfer of payments on the Blockchain is faster and more cost-effective than the previously used methods of Western Union. The Tests are not yet complete.
About Ripple Labs
Ripple Labs provides an Open-Source payment system and digital currency. Ripple can be used for payments at merchants, money transfers, or Remittances.
Just a few days ago, the Bill & Melinda Gates Foundation, Ripple Labs Inc. and the Blockchain Startup Coil together to the inter-Ledger Protocol to use and to develop. This is the Deputy Director and Responsible for technology of the Foundation, Miller Abel announced, on 17. October on Twitter.
Inter-Ledger is an interoperability order, which assigns an amount about various crypto-channels. The technology was originally developed by the former Ripple CTO Stefan Thomas, when he was still with the Shared Ledger Payment Company.
The Bill & Melinda Gates Foundation (BMGF), also known as the Gates Foundation, the Bill and Melinda Gates founded the organization. It was founded in the year 2000 and is considered to be the largest private Foundation in the United States with assets of 50.7 billion dollars. The main objectives of the company are the worldwide improvement of health care and the alleviation of absolute poverty, as well as the development of educational opportunities. In addition, the Gates Foundation wants to promote in the US, the introduction to information technology.
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