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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.
Vladislav SopovAccording 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.
Tomiwabold OlajideMore 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.
Denys Serhiichuk
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov