Western Union CEO disliked Ripple’s bid

Western Union CEO disliked Ripple’s bid

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Answer Western Union CEO disliked Ripple’s bid

Western Union, the world’s largest money transfer company, caused a stir at the beginning of this year when it confirmed that it had partnered with Ripple currency To conduct a trial of a blockchain including XRP, but after 6 months of testing, Western Union CEO Hikmet Irsk stated that the company has not yet seen any financial savings that would justify changing its system to use XRP.

“We are always criticized as not being cost effective but we didn’t see this difference in effectiveness during testing,” he explained, “The practical issue is the most expensive part so far.”

Ersek, who was in New York giving a speech at the Economic Club of New York, said that he did not want to cancel the blockchain trial and that Western Union would not hesitate to use XRP if it demonstrated a real advantage over its current system.

Read:Another crypto lending platform suspends its services and freezes withdrawals…Details here

Ripple’s response

And as expected: annoyed Ripple company From these comments, the company’s Vice President of Products, Ashish Birla, commented that she was not surprised that Western Union did not see improvements as they only made 10 transfers using XRP.

“If they use a proper metric they will see the difference but with only 10 conversions it is unsurprising that there is no money savings,” Birla added, “They do millions of conversions on everything.

However, IRSC criticized cryptocurrencies before speaking at the Economic Club, telling the audience that nations are “built on science, constitution, borders and currency” and that no cryptocurrency will change that!!

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He also added that “the consumer tells us what he wants” and “the people do not pay hospital bills with digital currencies.”

At the same time, Ripple is backing away from its bold prediction that dozens of banks around the world will use XRP by 2019, according to Reuters.

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