Western Union Considers Embracing Crypto if the New Asset Class Gains Traction

Western Union Considers Embracing Crypto if the New Asset Class Gains Traction

Financial services and communications behemoth, Western Union, shows interest in taking up cryptocurrencies to give users of its services an alternative choice to send money and remit for local fiat currencies, but only if it is adopted by the public globally

I think cryptocurrency may become one more option of currency, or assets… to be exchanged between people and businesses. It that happens, we will be ready to launch.

Odilon Aleida, President of Western Union Global Money Transfer

Western Union President, Odilon Almeida, said in an interview with Reuters Plus that the company is considering the application of cryptocurrency to their services to give users another means to send and receive money. At the same time, they are looking into how blockchain can enhance their money service conveyance.

Almeida noted three obstacles that hinder the mass adoption of cryptocurrencies which are price volatility (may be resolved by stablecoins), regulatory compliance, and governance.

Western Union is working with over a hundred currencies and countries worldwide. Remittances can be done through their agent locations or through the company’s mobile app.

Western Union Tests Ripple

Back in June, the company held a test run of Ripple’s system using XRP for international payments settlement. After six months of tests Western Union CEO, Hikmet Ersek remarked that cost-efficiency, efficient enough to overhaul the system, is yet to be seen. He follows that the company is open to use XRP if it realizes more efficiency.

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XRP Spikes 10% on Ripple MoneyGram Partnership News

Big partnership announcements have been thin on the ground for many of the major crypto companies recently. That changed for Ripple a few hours ago when the firm announced a strategic partnership with one of the world’s largest money transfer companies, MoneyGram. XRP Climbs 15% in a Week Compared to bitcoin and litecoin, XRP has been asleep for the past two months. Even Ethereum has outperformed it in terms of percentage gains. That all changed a few hours ago when XRP awoke from its range bound channel at $0.42 and surged almost 10% to hit an intraday high just over $0.46. A minor pullback followed in the hours after the announcement but XRP is still one of the day’s top performers. XRP price 1 hour candles – Tradingview.com XRP 00 has climbed almost 15% over the past week as it was trading just under $0.40 this time last Tuesday. Daily volume has just topped $2 billion as XRP market capitalization approaches $20 billion. The gap to ETH in second place is still $10 billion in terms of market cap, however. It has been one of the best weeks for XRP in terms of gains as the Ripple token has only made 27% since the beginning of the year. Big Partnership Driving FOMO The San Francisco based firm announced the partnership on its company blog late last night. It stated that the initial partnership will last two years during which Ripple will become the key partner for MoneyGram’s cross border payments and foreign exchange settlements. A substantial capital commitment of $50 million has also been pledged by the blockchain company enabling MoneyGram to draw it over a two year period in exchange for equity. Ripple’s xRapid system will be deployed for the partnership. It facilitates on-demand liquidity enabling instant transactions by reducing reliance on pre-funding. The XRP token will be used as the ‘real-time bridge’ between different currencies. Ripple CEO, Brad Garlinghouse, stated; This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies. MoneyGram has a $600 billion global remittance market supporting multiple currencies in more than 200 countries. Traditional forex markets requiring advance purchases are currently used for international transfers. The partnership and leverage of Ripple’s native token are expected to reduce costs and increase transfer speeds for the firm. Alex Holmes, MoneyGram Chairman and CEO, added; Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management. Will XRP hit $0.50 this week? Add your comments below. Images via Shutterstock, Tradingview.com The post XRP Spikes 10% on Ripple MoneyGram Partnership News appeared first on Bitcoinist.com.
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Ripple (XRP) Price Hits First Target: Another Run Very Likely

Ripple price climbed higher sharply and broke the key $0.4500 resistance area against the US dollar. The price traded to a new monthly high at $0.4631 and recently started a downside correction. Yesterday’s highlighted major bullish trend line is intact with support near $0.4360 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair remains well bid on the downside and it is likely to climb higher above $0.4600 and $0.4620. Ripple price gained a strong momentum against the US Dollar and bitcoin. XRP is currently correcting gains, but it is likely to start a fresh increase above $0.4600 in the near term. Ripple Price Analysis Yesterday, we discussed the chances of ripple price surpassing the $0.4500 resistance against the US Dollar. The XRP/USD pair did gain momentum in the past three sessions and rallied above the $0.4450 and $0.4500 resistance levels. There was even a break above the $0.4600 level and the price traded to a new monthly high at $0.4631. Recently, it started a downside correction below $0.4600, but it remained well above the 100 hourly simple moving average. There was a break below the $0.4550 level and the 23.6% Fib retracement level of the recent rally from the $0.4263 low to $0.4631 high. The price even traded below the $0.4500 support, but the $0.4450 level acted as a strong support. It seems like the previous hurdles near $0.4440 and $0.4450 are acting as supports. Moreover, the 50% Fib retracement level of the recent rally from the $0.4263 low to $0.4631 high is acting as a support. More importantly, yesterday’s highlighted major bullish trend line is intact with support near $0.4360 on the hourly chart of the XRP/USD pair. There could be further downsides, but the $0.4400 and $0.4360 levels are likely to hold losses. On the upside, an initial resistance is near the $0.4550 level. If the price starts a fresh increase above $0.4550, it is likely to climb back above $0.4600 and $0.4620. The next important resistance levels are $0.4650 and $0.4700. If the bulls remain in action, the price might target the $0.5000 level in the coming sessions. Looking at the chart, ripple price is clearly trading with a strong bullish bias above $0.4200 and $0.4350. Therefore, there are chances of more gains above $0.4550 and $0.4600. Only a close below $0.4200 could negate the current bullish view. Technical Indicators Hourly MACD – The MACD for XRP/USD is still placed nicely in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower from 70 towards 60 and 55. Major Support Levels – $0.4400, $0.4360 and $0.4300. Major Resistance Levels – $0.4550, $0.4600 and $0.4650. Ripple (XRP) Price Hits First Target: Another Run Very Likely was last modified: June 18th, 2019 by Aayush JindalThe post Ripple (XRP) Price Hits First Target: Another Run Very Likely appeared first on NewsBTC.
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XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms?

Ripple bought a share issue from MoneyGram worth $30 million at $4.10 per share to acquire 8-10% of the company. MoneyGram would also have an option of infusing another $20 million over the next two years. A strategic partnership will now ensue where Ripple will become the critical service provider for cross-border payment and foreign exchange settlement using digital assets. The digital asset they will be leveraging is Ripple, using Ripple’s xRapid Product. This partnership is a massive step towards the vision with which Ripple began, and investors put money is XRP. Also Read: Ripple Fathers’ Day Gift Propels It Past $0.4400 as Bulls Return Until now, MoneyGram has had to use banking services to provide settlements for payments they initiate. Due to the difference in time of settling payments, MoneyGram has to take loans to increase the required liquidity. However, by deploying xRapid, they will now be able to leverage XRP’s liquidity to provide cheaper and faster settlements. MoneyGram Chairman and CEO, Alex Holmes noted, “Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.” MoneyGram reported a net loss of $24 million in 2018 compared to a net loss of $29.8 million for the fourth quarter of 2017. The money transmitting service provider has been working towards developing, and 2019 will be part of the roadmap. Hence, the success of this strategic partnership is crucial for MoneyGram. Also Read: Bitcoin Vs Facebook Coin: Should Bitcoin Hodlers Care About Facebook Coin? Currently, MoneyGram works independently by leveraging money from banks. Ripple CEO Brad Garlinghouse told the media,  “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations,” XRP/USD 4-Hour Chart on Bitstamp (TradingView) Moreover, while XRP recorded gains around 5%, it rose from $0.43 to a reach high at $0.46. Notably, a partnership like this back in 2016 or 2017 would have likely propelled the price by 30%. This can be attributed to an apparent decrease in the use case for MoneyGram itself. Digital payment is quickly becoming more accessible than ever with major firms working on implementing or integrating digital currencies on their respective platforms. Facebook is the most prominent example of it. Do you think MoneyGram and Ripple will be able to increase their volume and user base in the current environment? Please share your views with us.  The post XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms? appeared first on Coingape.
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