{"id":7472,"date":"2018-06-14T14:12:56","date_gmt":"2018-06-14T14:12:56","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=7472"},"modified":"2018-06-14T14:37:14","modified_gmt":"2018-06-14T14:37:14","slug":"western-union-will-not-be-using-ripple-anytime-soon","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/western-union-will-not-be-using-ripple-anytime-soon\/","title":{"rendered":"Western Union Will Not Be Using Ripple Anytime Soon"},"content":{"rendered":"

\"\"Ripple (XRP) hit the headlines today for all the wrong reasons. Two of the Ripple\u2019s executives have spoken in a tone which has signaled to the cryptocurrency market that Ripple\u2019s adoption will take a long time.<\/p>\n

Furthermore, Western Union Transfer, which was testing Ripple\u2019s payment platform, has issued a statement which indicates its lack of interest to use the blockchain technology based payment platform at this point in time. Overall, it is a depressing day for supporters of blockchain technology and Ripple investors.<\/p>\n

Let us begin with the Reuters.<\/a> According to the new portal, Ripple\u2019s chief cryptographer David Schwartz has opined that banks will unlikely use Ripple\u2019s platform any time soon due to scalability and privacy issues. However, Schwartz stated that the banks do acknowledge the potential of blockchain technology in reducing transaction times and costs.<\/p>\n

Banks are unlikely to use distributed ledgers to process cross-border payments for now because of scalability and privacy issues, according to Ripple, one of the most prominent startups developing the technology. \u2018I will concede, we haven\u2019t gotten there yet,\u2019 Ripple\u2019s chief cryptographer David Schwartz said in an interview.<\/p><\/blockquote>\n

Schwartz statement is followed by a series of comments from the San Francisco-based company\u2019s CEO Brad Garlinghouse. The report has quoted Garlinghouse<\/strong> as saying<\/p>\n

I\u2019ve publicly stated that by the end of this year I have every confidence that major banks will use xRapid as a liquidity tool.<\/p><\/blockquote>\n

On June 4, Garlinghouse told CNBC<\/a> <\/p>\n

By the end of next year I would certainly hope we\u2019ll see an order of magnitude \u2013 dozens. But we also need to continue to grow that ecosystem, grow that liquidity and it all comes back to if we\u2019re solving a real problem for real customers.<\/p><\/blockquote>\n

Reuters has also reported that Marcus Treacher, Ripple\u2019s senior vice president of customer success<\/strong>, has stated \u201cWe started out with your classic blockchain, which we love. The feedback from the banks is you can\u2019t put the whole world on a blockchain.\u201d <\/strong>Treacher had offered a classic blockchain-powered payment platform to banks.<\/p>\n

In another but related news, Ripple\u2019s Managing Director of Strategic Growth, Danny Aranda has stated that Ripple is not just about cost savings. While explaining how the firm has garnered the attention of banks and financial institutions and how regulatory issues are being handled, Aranda advised the crypto community to look beyond cost savings.<\/p>\n

Aranda<\/strong> said:<\/p>\n

\u201cI don\u2019t think the real value proposition will come around cost savings. I think it\u2019s about growth, about revenue potential. A lot of times when we speak with banks it\u2019s more about how you can offer a new kind of service to your customers and how you will be able to pursue new customers and break into new kinds of markets.\u201d<\/p><\/blockquote>\n

While describing the blockchain technology as the next evolution of the internet, Aranda stated that \u201cthere will be a new internet and money will be embedded in it.\u201d<\/strong><\/p>\n

Aranda, however, spoke high of Southeast Asia and pointed out the manner in which the region has accepted the new age technologies. He further stated that Southeast Asia presents a \u201cbig opportunity\u201d<\/strong> to Ripple.<\/p>\n

As far as regulatory issues are concerned. Aranda reaffirmed that the company is always ready to work with the regulators. Aranda<\/strong> said<\/p>\n

\u201cRegulators are a key stakeholder in how this space is going to evolve. I think the process for us is about being proactive. Educate regulators and show them how it works during the existing framework.\u201d<\/p><\/blockquote>\n

When confronted with the claim that financial institutions are afraid to use blockchain platform as they do not understand how it works, Aranda responded by saying that there is no need to understand cryptocurrencies in order to use it. He further argued that companies do not build a website after knowing how the internet works.<\/p>\n

Aranda also acknowledged that SWIFT still remains a strong competitor. Aranda<\/strong> said<\/p>\n

\u201cYou don\u2019t win by offering something that is a little bit better, typically you have to be ten times better. SWIFT is a really serious competitor. If we\u2019re going to beat them, what we offer is going to have to be really good.\u201d<\/p><\/blockquote>\n

Schwartz also explained that xCurrent is not a distributed ledger as the network peers do not have access to a shared ledger, which is the basis of blockchain networks such as Hyperledger or Ethereum (ETH). This is a sharp contrast to the claims of Ripple, which says that xCurrent\u2019s immutable \u201cinterledger\u201d protocol facilitates instant settlement, making it a better payment platform than other existing networks.<\/p>\n

Schwartz<\/strong> said<\/p>\n

\u201cWhat we hear from many of our customers is that it\u2019s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable.\u201d<\/p><\/blockquote>\n

As if the above news is not enough to turn the mood bearish, Western Union\u2019s CEO Hikmet Ersek announced that the company is not interested in moving forward with the integration of Ripple\u2019s payment system to its services. While speaking at the Economic club of New York, the chief of the world\u2019s largest money transfer company said consumers still prefer to use fiat money than digital currencies. Furthermore, he opined that central banks will not be interested in giving up control over domestic currency as \u201cnations are built on flags, constitutions, borders and currencies. The consumers tell us what they want. People aren\u2019t paying their hospital bills in cryptos.\u201d<\/strong><\/p>\n

Western Union has also mentioned that they did not see any cost savings. That was expected because Western Union has just made 10 transactions<\/a> using xRapid. Asheesh Birla, Ripple\u2019s senior vice president of product,<\/strong> said<\/p>\n

\u201cIf they were to move volume at scale, then maybe you would see something, but with 10, it\u2019s not surprising that they\u2019re not seeing cost savings. They do millions of transactions a month, and I\u2019m not surprised that with 10 transactions it didn\u2019t have earth-shattering results.\u201d<\/p><\/blockquote>\n

The details presented above indicate that it may take a while for cryptocurrencies to receive a whole-hearted welcome from banks and other financial institutions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ripple (XRP) hit the headlines today for all the wrong reasons. Two of the Ripple\u2019s executives have spoken in a tone which has signaled to the cryptocurrency market that Ripple\u2019s adoption will take a long time. Furthermore, Western Union Transfer, which was testing Ripple\u2019s payment platform, has issued a statement which indicates its lack of […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[],"class_list":["post-7472","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency"],"yoast_head":"\nWestern Union Will Not Be Using Ripple Anytime Soon<\/title>\n<meta name=\"description\" content=\"Ripple (XRP) hit the headlines today for all the wrong reasons. 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