Skip to Content
Blockchain

Don’t get too excited about Western Union testing a cryptocurrency

February 14, 2018

The payment giant has confirmed that it’s testing a cryptocurrency developed by Ripple—but “testing” is the key word here.

What’s happening: Western Union will trial a cryptocurrency token developed by Ripple, called XRP, as a “bridge currency” to let financial institutions settle payments faster and more cheaply. In theory, it could start a reinvention of how banks and money transfer services make payments.

Good news for Ripple: So far, most of the roughly 100 institutions that have used Ripple’s blockchain have refrained from using XRP, choosing instead to just log digital IOUs and settle in fiat currency. That one of the world’s largest money transfer services will test the token is a boon. (It follows similar news last month from MoneyGram, but that’s smaller fry.)

But: It’s just a test. MoneyGram and Western Union aren’t committed to doing anything with XRP beyond testing it. Both companies have gone out of their way to make that clear.

Keep Reading

Most Popular

DeepMind’s cofounder: Generative AI is just a phase. What’s next is interactive AI.

“This is a profound moment in the history of technology,” says Mustafa Suleyman.

What to know about this autumn’s covid vaccines

New variants will pose a challenge, but early signs suggest the shots will still boost antibody responses.

Human-plus-AI solutions mitigate security threats

With the right human oversight, emerging technologies like artificial intelligence can help keep business and customer data secure

Next slide, please: A brief history of the corporate presentation

From million-dollar slide shows to Steve Jobs’s introduction of the iPhone, a bit of show business never hurt plain old business.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.