Main navigation

Western Union Exploring XRPL Use Cases: Details

Mon, 09/04/2023 - 08:59
article image
Godfrey Benjamin
XRPL might hit new breakthrough with Western Union
Western Union Exploring XRPL Use Cases: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The potential of the XRP Ledger (XRPL) is currently being showcased by a new exploration of the protocol's use cases for cross-border payments by Western Union. Taking to its official X app account, XRP's exchange partner, Uphold, shared insights about the exploration.

XRPL AMM: No Need for Cash or Medium of Exchange, Banking Veteran Says

According to the post, which cites a Cointrust report, Western Union CEO Hikmet Ersek confirmed the active exploration of Ripple's blockchain technology, as well as its native token, XRP. This exploration marks a significant shift for Ripple Labs in the United States since it lost its foremost payment partner, Moneygram International, in the aftermath of the lawsuit filed by the United States Securities and Exchange Commission (SEC) in December 2020.

The lawsuit crumbled the growth momentum of Ripple in the country and the traction that XRP gained as a payment coin was derailed. Western Union appears to be making a much more crucial and mutually beneficial move to restore the luster of XRP in the remittance world. The XRP token and the associated Ledger provide lightning-fast and low-cost decentralized infrastructure that can be used for many use cases — notably cross-border payments.

The use of XRP for this purpose is widespread beyond the United States, but the Western Union-proposed integration can spark the start of something unique in the country.

XRP Ledger Unveils New Milestone for Cross-Chain Bridging Feature

More XRPL adoption to come

There is bound to be more embrace of XRPL in the coming months as the ongoing lawsuit with the SEC is notably tilting in favor of the blockchain payments company. Already, there is validation from the court that the trading of XRP on a secondary marketplace is not a security, a position that can help entice more partners to the company in the long term.

While there is a trial still up ahead in the Ripple v. SEC case, the general consensus from industry experts is that the firm is in position to win the suit at the end of the day.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.