Western Union to trial extra fee transfers maybe this is a good thing guys for ripple ripple has had the year from hell since the standpoint of its cryptocurrency price XRP has lost over 70% of its value since all-time highs of three dollars and eighty cents on January fourth however things could start to improve for the San francisco-based blockchain company as its list of partners continues to grow added to a list this week was Global Payments giant Western Union which they have hinted at and discussed previously guys on previous DC teeny TV news clips who has begun testing transfers using XRP okay in terms of new partners ripple has had a great start in 2018 just last week it joined up with Dubai exchange UAE exchange and made inroads in Chinese online shopping markets by partnering with Asian a payment giant Lian Lian the company is also working with a money gram and over a hundred other financial organizations and banks eager to cut fun transfer costs and increase speeds Western Union chief executive hick MEK Earth's tech told analysts this week that the company has begun experimenting with ripple and XRP for settling transactions CTO Cheri Rhodes told the media we're can can we continue to explore possible blockchain applications for our business and we're piloting some settlement test with ripple for certain corridors for blockchain in general we're looking at areas such as transaction processing and a settlement working capital optimization regulatory technology and identity two primary products are offered by ripple to facilitate payments and transactions X current which has over a 100 financial institutions are currently using enables real-time messaging and real-time settlement between banks while according to ripple CEO Brad Garlin house X rapid allows for real-time liquidity Bank of Andy the Bank of Andy can sell $1 by XRP net XRP can then be moved to an argentinean digital asset exchange and you can sell the XR P and by an Argentinian peso and now you have good liquid funds in less than 10 seconds in another market Western using is trialing this XRP based X rapid system as revel spokesperson said we've been testing different products with Western Union for a while we're excited about our work towards a pilot implantation of X rapid which uses X R P in payment flows so what's the crypto coin reaction well the extra P price has yet to fully react to the news but it is sure to have an impact if Global Payments providers start using it on a daily basis most altcoins are up over the past 24 hours and XR p is among them training at nine percent higher at the time of writing in this gained over fifty percent in the week however it continues to look bullish as news across this huge potential potential partnership filter across the planet X star P is currently the third largest crypto with a market cap of under 45 billion over 40 percent of the global trade happens on exchanges such as Korean of barbecue well guys this is certainly a win for ripple and in many ways it's a win kind of for the for the world and let me explain that for a second Western Union companies like Western Union these companies take advantage of the poorest of the poor they completely completely siphon money out of people's wallets just so they can send money overseas sometimes up to a 40% transaction fee now as much as I hate Western Union and I hate MoneyGram and hate payday loans and these types of poisonous poisonous industries the question is is ripple the best answer certainly ripple can make payments and transactions exceptionally cheap but at what cost guys are the cost of centralization story shifting centralization away from Western Union and MoneyGram and these types of companies to a different centralized solution also known as ripple let me know guys in the Bitcoin dot pub or the comments section below whether you believe that ripple is the right answer to solve some of these financial issues especially when sending money overseas hey who knows guys& smash the like button for Bitcoin guys
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