The global giant in the money transfer sector has confirmed that it is currently in negotiations with the creators of Ripple. However, very little is known about the details of these negotiations. If the program does see the light of day, it will be a landmark moment for Ripple and the entire cryptocurrency industry.
Monica Long, President of Marketing and Communications at Ripple Labs, did not confirm any details regarding the project, but said:
“In general, financial institutions and networks are using Ripple as a technology that allows real-time money transfers in any currency to reduce liquidity and compliance costs. Ripple's Internet of Value (IoV) developments will help the world move value as quickly as it is currently transferred information.”
For a long time, Ripple Labs has been promoting the cryptocurrency payment network as a means for improving international transfers. Many people have speculated that Western Union may use cryptocurrency as a way to make sending money faster and cheaper, but this has not yet been confirmed. According to Bitcoin Magazine, Christine Kelly, Western Union's director of global corporate communications, said:
“We are in preliminary discussions with RIpple to launch an experimental pilot, but it is too early to discuss details.”
The cryptocurrency community has become much more active in discussing the possibility of such a partnership following an announcement made by Ripple Labs co-founder and CEO Chris Larsen. During a speech at the Milken Institute Global Conference, he said:
“We are trying to solve the problem that is connecting local banks and financial institutions into one network. There is a problem of many different networks - whether in the US, Kenya or Europe - and they are not connected in any way. Anyone can call any other person, even if they use different operators, or send an email to any mail, but he can only pay those people who are in his payment network. Our goal is to make them work together.”
According to cryptodaily.co.uk
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