Western Union Wants To Acquire MoneyGram – Impact On Ripple And XRP
Ripple has been making great efforts to boost the whole XRP ecosystem and also to push the mainstream adoption of XRP.
Now, there’s something in the cards that might have a great impact on the San Francisco-based firm and the digital asset XRP as well.
Western Union plans to buy MoneyGram
It’s been revealed that Western Union wants to buy MoneyGram, and this deal could have a massive impact on Ripple and XRP.
A source reportedly told Bloomberg that Western Union made an official takeover bid. MoneyGram still has to decide.
As you probably remember, MoneyGram teamed up with Ripple back in 2019 and they are using the XRP-powered ODL. The On-Deman Liquidity product is powered by the digital asset and it used to be known as xRapid before Ripple had a rebranding move at the firm.
Western Union explores XRP’s potential to power cross-border payments
Another thing worth noting is that Western Union is currently exploring XRP’s potential to power cross-border transactions – on the other hand, it’s been also revealed that they are not so sure about the ability that XRP has to save the company some money.
You may recall that back in June 2019, CEO Hikmet Ersek said the company’s early trials with XRP unveiled the fact that using crypto was five times more expensive compared to relying on Western Union’s in-house system.
This could be reportedly changing according to the reports coming from the Daily Hodl. Back in April, it’s been reported that researchers at Credit Suisse reported that Western Union continues “testing and considering use of Ripple (XRP) for cross-border [payments]” despite the fact that the company was “initially less bullish” on the technology.
Anyway, Western Union and MoneyGram are two of the largest money-transfer companies in the U.S.
Stay tuned to find out what happened with the two firms and how exactly this will be impacting Ripple and XRP.
Also, make sure to check out Bloomberg’s original article in order to learn more details.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.