More Companies Recognizing Value of Ripple, XRP; Future Developments to Be Anticipated
Western Union is another company now seriously committed to giving Ripple a try. Given that it is presently one of the world’s largest payment service providers, this is an achievement for Ripple. Remarkably, Western Union’s tests are not even yielding positive results of the cryptocurrency’s value for the company’s transactions. Despite this achievement, Ripple is not stopping with developing more remittance solutions. Not even if it already reached record-level liquidity.
Western Union Willing to Keep Testing Ripple
For several months now, Western Union reportedly has been testing it, but still find it unsatisfactory. And yet, Western Union is not shunning the possibility of it one day being a crucial part of its operations just again.
In a recent interview, CEO Hikmet Ersek claimed that the company already has its own money transfer system. At present, this transfer system enables the company to make transfers that are as five times cheaper compared to XRP.
Western Union also claimed that it already did so many tests with Ripple and will continue to do more. The CEO said that even though they learned so much from the tests about Ripple, their referral system is just so much more cost-effective. They found that utilizing cryptocurrencies or stable coins will lead them to incur more costs than using their own system.
Regardless of this present conclusion, however, Western Union has a high level of commitment to testing Ripple’s software solutions and understanding them completely. It is also open to studying the software solutions of other companies.
For the time being, Western Union will still be using their resources more. The company already set up its innovation laboratory to determine how valuable and functional blockchain technology really is for the company.
Whatever the verdict of Western Union is going to be about Ripple in the future, it cannot be denied that Ripple is already establishing a name outside the XRP community.
Just recently, Ripple and XRP were already cited as playing a great role in payments and remittances. This not only means Ripple is becoming more popular. It just shows that the authorities are already becoming more willing to acquire more knowledge of the crypto market and even discuss this.
Ripple Condensed Xpring
Catching the attention of the government is not Ripple’s only focus, though. It recently condensed its quite broad Xpring developer platform into just one site for better integration of payments.
With this new platform, both crypto and non-crypto developers can integrate their payments into all sorts of mobile applications.
This is a positive development considering the fact that the new platform was already announced way back in October.
The company needs two months at least to develop the features they intended. According to the Senior Vice President of Xpring, these features will give users an account associated with the platform.
Beard added that the central hub would be a place for developers where they can manage everything they need to integrate payments into the apps they are working on successfully.
Xpring added the platform’s Software Development Kit could reduce 100 lines of code down to just 21 lines.
The platform is Xprng’s new vertical investment. The company has already been Ripple’s investment arm for over a year.
However, through the platform, it anticipates to build a network of companies using XRP and showcase the many use-cases in relation to cryptocurrency.
Xpring intends for the initiative to act as a method to invest in and grow a developer base with regard to XRP.
Through the wallet, which is accessible now on XRP Testnet, developers can form and manage their account credentials, check their balances, conduct cryptocurrency transactions, such as sending and receiving, as well as keeping track of their transaction records.
Future Developments to Watch Out for
Beard said Xpring does not intend to stop here.
Developers can undoubtedly anticipate new Xpring platform functions that Ripple will launch through the wallet soon.
New developments can ease many of the difficulties experienced in the past when carrying out transactions involving cryptocurrency.
According to Beard, it was really challenging in the past. People needed to piece together and use many tools. This is why many people choose instead to keep most of their cryptocurrency inside hosted wallets on exchanges. This was the less complicated option.
Presently, however, the Spring SDK can already support dependable transaction submission on XRP devnet as well as testnet. This will enable developers to submit efficiently and check the veracity of transactions on XRP ledger.
XRP ledger validators concurred to provide access to the XRP ledger stable version 1.4.0.
This provides support to accounts that could be deleted and give users the ability to recover as high as 15 XRP of their minimum account balance.
In the past, users should maintain a balance of 20 XRP on their ledger. In addition, they did not have the ability to move or use these.
Before these developments can eventually take form in the future, members of the XRP community have to remain optimistic, given the achievements of this cryptocurrency at present.
Presently, XRP Has Record-High Liquidity
A record-high volume on the Bitso cryptocurrency exchange has been achieved, which the Liquidity Index Bot was able to track. The volume of XRP against the Mexican peso was able to reach an unprecedented 9,095,160 on 13th of December.
This is quite fast, considering the fact that Ripple’s cooperation with the Mexican exchange was only announced back in mid-October. It certainly helped Mexico, which is one of the world’s poorest economies.
Many had to go overseas to work, so sending remittances is a common activity fueling many householder’s survival. However, sending and receiving remittances can be costly and even slow.
With Ripple’s investment in Bitso and offering the payment solution On-Demand Liquidity, sending and receiving remittances at a faster rate and lower prices are now possible for the Mexicans.