Western Union is now demonstrating the potential of the XRP Ledger (XRPL) with a fresh investigation of the protocol’s use cases for international payments. XRP’s exchange partner, Uphold, provided information on the exploration on its official X app account.
Hikmet Ersek, CEO of Western Union, reportedly acknowledged the company is actively investigating Ripple’s blockchain technology and its native coin, XRP, according to the article, which references a Cointrust report. Since losing its top payment partner, Moneygram International, as a result of the lawsuit brought by the United States Securities and Exchange Commission (SEC) in December 2020, Ripple Labs has undergone a substantial change in its business strategy in the US.
The case shattered Ripple’s growing momentum in the nation and stalled the adoption of XRP as a payment token. In order to bring back the shine of XRP in the remittance industry, Western Union looks to be taking a lot more significant and advantageous action. Cross-border payments are only one application that may benefit from the lightning-fast and affordable decentralised infrastructure offered by the XRP coin and its associated Ledger.
Although XRP is frequently used for this purpose outside of the United States, Western Union’s anticipated integration may mark the beginning of something new here.
More XRPL adoption to come
As the continuing case with the SEC is clearly tipping in favour of the blockchain payments startup, there will undoubtedly be a greater adoption of XRPL in the upcoming months. The court has already confirmed that trading XRP on a secondary market is not a security, which might help the business attract more investors in the long run.
Although there is still a trial to come in the Ripple v. SEC case, most industry analysts agree that the company will ultimately prevail in the lawsuit.
