Money transfer providers Western Union and TransferWise are reportedly gearing up to embrace Ripple’s blockchain technology.
Western Union is rumoured to have joined an advanced pilot program with Ripple Labs and to be considering the use of Ripple’s cryptocurrency token XRP for ultra-fast international wire transfers in future.
“Western Union breaks higher again on more talk that the company is working with Ripple on accepting its blockchain payment,” Clark Schultz, SA News Editor at Seeking Alpha, said.
Leading UK financial startup TransferWise is also rumoured to be close to a deal with Ripple with CEO and founder Taavet Hinrikus a keen adopter of disruptive technologies.
“If Ripple helps us move money cheaper, faster & better, then we’ll use it.” Hinrikus said.
XRP posted a meteoric rise in value at the tail end of 2017 driven by rumours that it would be added to crypto-exchange Coinbase however a spokesperson for the exchange denied rumours for the moment.
“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company,” Coinbase said in a statement.
As of 2016 the top 5 global money transfer companies were: Western Union (500,000 agents in more than 200 countries), Money Gram (350,000 agents in 200 nations), Ria (310,000 agents in 150 countries), TransferWise (600 currency routes in 35 nations, WorldRemit (Widely distributed through bank deposits, delivery, or cash pickup in more than 110 nations)