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.
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.
3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018.