Friday, February 16, 2018

Western Union Riding the Ripples

Some recent news on the Ripple (XRP) front:
"You can add Western Union to the growing list of banks and financial institutions that are test-driving Ripple, the blockchain company trying to become the go-to service for global money transfers.

On the company’s earnings call on Tuesday, CEO Hikmet Ersek told analysts that the company is experimenting with Ripple for settling transactions and for capital optimization. Western Union is also testing Ripple’s native currency, XRP, a spokesperson confirmed.

Ersek’s comments, cited below, come a month after Ripple announced a tie-up with Western Union’s rival Moneygram, which is also testing XRP in money transfers." -- J. J. Roberts
So that's two major, rival money transfer services looking to get in on what Ripple offers. 

The importance of this is pretty easy to understand when you know a few key pieces of information about the current state of this industry and how Ripple proposes to change it:
  1. International money transfers are currently rather expensive; Ripple's system can reduce those costs by 33%, using the XRP currency can lower them by 60%.
  2.  International transfers current take days to complete; Ripple's systems can complete them almost instantaneously.
  3.  Banks transferring funds to each other in different currencies must keep trillions idle in "nostro" and "vostro" accounts to make the transfer system liquid and functional; XRP does away with this requirement and could free up that money for productive investments since it can be exchanged for any currency in fractions of a second.
That's why I own the stuff (I got in at .19 cents). Ripple and XRP pass my major crypto test when I decide if I want to own one: does the coin do something truly unique in the crypto space that solves a real world problem? In this case, check and check!

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