August 5, 2021

Just-in: VISA gets RippleNet Partner CurrencyCloud for $950 Million

2 min read

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Visa, the payment processing giant has actually signed a conclusive contract to get cross-border remittance company Currencycloud, the offer is valued at β‚€ 700 million or $950 million inclusive of cash and retention rewards. Both the companies were already in a tactical collaboration before the acquisition.

Currencycloud is likewise a RippleNet partner which indicates it uses Ripple-made remittance tools to help with cross-border deals.

“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to help with worldwide money movement,” said Collen Ostrowski, Visa’s Global Treasurer. “Consumers and organizations increasingly anticipate transparency, speed, and simpleness when making or receiving global payments. With our acquisition of Currencycloud, we can support our clients and partners to further lower the pain points of cross-border payments and develop terrific user experiences for their consumers.”

Currencycloud would help Visa enhance its foreign exchange abilities and assist the payment giant expand its cross-border remittance footprint.

“At Currencycloud, we’ve always aimed to deliver a better tomorrow for all, from the tiniest start-up to the international multi-nationals. Re-imagining how money flows around the worldwide economy simply got more interesting as we sign up with Visa,” stated Mike Laven, Chief Executive Officer, Currencycloud.

Currencycloud Acquisition to assist Visa recognize its Fintech goals

Visa had recently exposed that crypto deals on its card network have actually surpassed 1 billion dollars in the first half of 2021. The business likewise exposed its plans of strongly broadening its crypto payment strategies and making crypto one of the top forms of currency in usage. The payment processing giant is building a fintech network with a focus on crypto transactions and digital possessions utilize.

The recent acquisition of currencycloud fits well within Visa’s strategy of enhancing its remittance services and focus more on digital possessions.

Both Visa and Mastercard who up until a year ago blocked crypto-related transactions now see cryptocurrencies as the future of payments. Recently, Mastercard revealed it would boost its crypto card services to enable banks and crypto business to provide more crypto cards and get rid of the difficulty of crypto to fiat conversion through stablecoin use.

The post Just-in: VISA gets RippleNet Partner CurrencyCloud for $950 Million appeared initially on Coingape.