Ripple did not start 2018 well. XRP began to lower its price from the first week of January and lost almost 70% of its value. However, things may well be in favor of the company, as Western Union is testing Transaction Technology.
The list of banks and financial institutions that use and test Ripple's products is growing every week. Fortune has announced that this week, Western Union's global payment giant may join this list. Chief Financial Officer Raj Agravel told the media that the transaction technology is in a test run.
Expanding partnerships
On Tuesday, Chief Executive Officer Hickmet Ersek told analysts that Western Union was experimenting with Ripple and XRP to settle deals and capital optimizations. This move comes one month after Ripple's partnership with the competing company, MoneyGram. Ripple has made tremendous progress with his partnerships than any other crypto. The company also entered the Chinese online shopping market by entering into a partnership with a payment service provider
Ripple provides products
Ripple has two primary products: xCurrent, which is used by over 100 financial institutions and xRapid, which is based on XRP. This is the technology that Western Union tests. A spokesman for Ripple told Yasuo Finance:
"We've been testing different products with Western Union for a while. We are excited about our work on the pilot integration of xRapid. "
Western Union Managing Director, Sherry Road, has told the media:
"We continue to test various block applications for our business. We are launching some settlement tests with Ripple. "
XRP grew by over 9% over the past 24 hours, currently trading at around $ 1.15. Much of XRP's trading is concentrated in the South Korean exchanges. The market capitalization of the coin is 45 billion dollars.
image source - Instagram