The cryptocurrency XRP saw a surge in its price following rumors that Western Union is considering using the blockchain as the basis for its money transfers, Business Insider reports. Following the news, XRP saw its value rise by 20 percent.

Western Union’s stock closed out the day on a five percent rise. However, both companies have declined to confirm the rumors.

That being said, Ripple, which owns XRP, and Western Union have worked together in the past. In 2015, the two companies worked to develop a program for distributed payment protocols.

While the collaboration between Western Union and Ripple could not be confirmed, Ripple’s official Twitter account did send out a tweet saying that three major financial firms intended to make use of XRP in 2018. The tweet appears to be in response to a New York Times journalist, who said they were having trouble verifying some of Ripple’s customers.

If Western Union does go through with its rumored partnership with Ripple, it would be a massive boon to the emerging cryptocurrency. In addition to Western Union, a group of Japanese banks are currently testing Ripple’s blockchain technology for use in money transfers. Read more from digitaltrends.com…

thumbnail courtesy of digitaltrends.com