Raj Aggarwal, the CFO of Global payments company, Western Union said that the company is testing transactions using currency from cryptocurrency platform Ripple.
There were several speculations going around earlier this year about this new venture by Western Union but it wasn’t confirmed until today when the Chief Financial officer announced that they are evaluating the blockchain technology and testing transactions with the digital currency, Ripple.
While giving interview to Bloomberg, Mr. Aggarwal said that their efforts were in ‘testing phase’ and there is nothing so for in the process which would be a ‘big unlock’
The announcement of this venture came earlier today when Western Union reported its full year 2017 earnings with a five % increase in revenue to US $14 bn.
Ripple, back in January announced that it had added two payment companies to its army of clients.