Payment giant Visa, confirmed that it is finalizing the acquisition of Ripple’s partner, Currencycloud. Additionally, Currencycloud, a platform that enables banks and fintech companies to provide foreign exchange solutions for cross-border payments, has partnered with Ripple since July 2020.
Very importantly, Visa is determined to dominate the sphere of the payment gateway, with transactions linked to cryptocurrencies. During the first quarter of 2021, Visa had announced its intentions to become the largest gateway for crypto in the near future. It is delivering!
As a result, according to the announcement on December 20, Visa’s purchase of Currencycloud is aimed at improving transparency and flexibility. In addition, the speed when making cross-border transfers or conducting currency exchange business for the clients of the two companies. In particular, the acquisition of Currencycloud has cost Visa approximately $ 936 million.
Indeed, Nikola Plecas, Visa’s European crypto leader stated: “For us, cryptocurrencies are a huge new vertical and growth opportunity. And we will continue to focus on growing this business in the future. “
As a curious fact, the acquisition is based on an existing strategic partnership between the two companies. Since Visa already owns an equity stake in Currencycloud.
Visa completes purchase of Currencycloud
In fact, prior to the Visa acquisition, Currencycloud already supported more than 500 banking and technology clients. With reach in more than 180 countries.
“Exciting times ahead for Currencycloud. Since Visa announces the completion of the acquisition in the amount of £ 700 million. We look forward to working together to provide greater transparency, flexibility and control for companies that move money around the world. “
Exciting times ahead for Currencycloud as @Visa announce the completion of the acquisition.
We look forward to working together to bring greater transparency, flexibility and control for businesses moving money around the world! pic.twitter.com/R5BCYjgGHg
– Currencycloud (@Currencycloud) December 22, 2021
To recall, Visa and Currencycloud, signed the deal in July this year, and this month the acquisition of the London-based firm was finally completed.
At the time, Colleen Ostrowski stated: “The acquisition of Currencycloud is another example of Visa’s execution of our network strategy network to facilitate the global movement of money. Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments.
Union with Ripple
By the way, Currencycloud joined the RippleNet payments network, in 2020. Exploring new mechanisms for international transactions, with a focus on regions where regulatory policies oppress opportunities for small and medium-sized businesses.
In this regard, Currencycloud CEO Mike Laven said: “Currencycloud tries to bring clarity, speed and value to cross-border payment issues. Ripple’s solution will help us expand our network to new parts of the world, removing more barriers to payments for our customers. “
I close with this phrase by Carlos Fuentes: «The past is written in memory. And the future is present in desire.