The credit card giant Visa is in the latest crypto news for acquiring the British payments firm Earthport for $250.6 million. If you haven’t heard of Earthport, it is basically a partner to the altcoin Ripple and the technology behind it – actively providing cross-border payment services to banks and businesses. since 2015.
Under this merger, Visa paid four times the price of Earthport’s closing stock, according to Reuters. The main reason why Visa wanted to buy this company was its interest in the cross-border payments business which rose 10% in the fiscal year 2018.
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Earthport is known for streamlining cross-border money transactions with a single API (application program interface) in order to clear and settle funds locally along with its banking partners. Its list of clients is extensive and includes Ripple, Hyperwallet, Bank of America, Japan Post Bank and Payoneer.
Two years ago, Earthport launched the first distributed ledger hub (DLH) where its clients used the group’s distributed ledger technology through a simple and inexpensive API which was first in the financial industry. Aside from providing access to the Ripple ecosystem, this API offers access to the variety of payment methods that Earthport currently offers in more than 200 countries.
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