Visa Acquired CurrencyCloud-Ripple’s Partner For $925 Million

Visa acquired CurrencyCloud which is the partner of Ripple, in a whopping deal worth some $925 million as we are reading more in today’s Ripple news.

Visa is the leading payment processing company that completed the acquisition of Ripple’s partner company CurrencyCloud for a stunning 700 million British pounds, or $925 million. Visa acquired CurrencyCloud as noted in a press release as the platform allows banks and fintech companies to provide foreign exchange solutions for cross-border payments. The acquisition is worth about $925 million according to the deal signed in July.

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

CurrencyCloud confirmed the news via their Twitter account but it is worth noting that CurrencyCloud also partnered with Ripple in July 2020. the main goal of the partnership was to process cross-border payments on the RippleNet.

As recently reported, The financial tech company Nuvei announced a partnership with Visa to launch crypto-friendly debit cards. The rollout involves a collaboration with the American multinational payment service Visa that will target Nuvei’s partners in the European Economic Area as well as the United Kingdom. Nuvei’s subsidiary Simplex partnered with Visa to enable the clients to launch debit cards back in 2020 with the fiat on-ramp service provider being the key member of Visa’s network. It has permission to release Visa cards, as well as offer consumers, access to digital assets.

Visa is diving deeper into the world of crypto assets as it unveiled its new consulting arm. VIsa launched crypto consult services in hopes that the new initiative will facilitate mass adoption of Bitcoin and other cryptocurrencies as well as help the clients navigate the pitfall of the growing sector. According to the company, understanding the crypto ecosystem is a huge step for the financial institutions that are keen on retaining customers with crypto offerings, for retailers looking to delve into NFTs or CBDCS. This is where the Visa crypto Advisory Practice comes in because it will offer expertise in crypto-related areas, will evaluate opportunities, and will develop the right strategies.

The company teamed up with other companies in the industry including major exchanges Coinbase and FTX to allow its clients to pay with crypto at more than 70 million merchants across the world with over $1 billion spent using the crypto-linked card during the first half of 2021. Visa is also exploring NFTs and all of the opportunities that come along.
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