Ripple and Western Union Partnership Rumors Resurface After CEO Interview
Ripple’s CEO, Brad Garlinghouse, has given CNN an interview where he spoke about the re-emergence of cryptocurrencies and their success due to their adaptability despite the coronavirus pandemic. But, among everything else that they talked about, it was the questions regarding XRP’s possible partnership with Western Union that has captivated the XRP investors and cryptocurrency community’s attention.
Garlinghouse promptly evaded the question of Julia Chatterley, the interviewer, regarding the truth behind the matter. Instead, he talked about Ripple having a policy regarding “talking about their clients” until they are more sure and ready.
Some users claimed that this reaction from the Ripple CEO could be a part of their strategy for bettering XRP. In contrast, others speculated that the sale from a few days ago of their shares in MoneyGram might be because of this possible partnership. As of writing, all these are mere speculations.
However, one community member said that if Ripple weren’t deeply connected with Western Union, the member thinks that the CEO’s answer may have been very different. He also added, “He [Garlinghouse] basically just went with ‘I can neither confirm nor deny that rumor.'”
According to a research published by Credit Suisse earlier this year, Western Union has been studying the potential of XRP and have been testing out the use cases with the payment solutions offered by Ripple. Last year, an executive from Western Union stated that the company would start using cryptocurrencies if they prove to be a cheaper alternative and if they can improve their services.
Around June of 2020, reports have surfaced about a possible acquisition of large shares of MoneyGram by Western Union. However, this rumor came from an unnamed source and has not been confirmed since the reports went public. It is also important to mention that the speculation regarding this acquisition has been going around since 2015.
Another topic that Garlinghouse discussed in the interview was the regulation of cryptocurrencies in the United States. This has been a key issue for the payment solutions of Ripple since its inception. He has also mentioned the possibility of migrating out of the United States repeatedly in the last few weeks.
Although, according to experts, recent developments with the proposed STABLE Act will possibly be the final steps that will push several companies away from the country as they search for more friendly crypto regulations.
Ripple’s CEO expresses how much Ripple and 100 other companies working with XRP need clarity regarding XRP’s clarification. He said that several companies have already been using XRP as a currency, but they still need clarity from SEC regarding this. He also mentioned how Bitcoin’s classification was cleared three years ago, and Ethereum’s followed shortly after.