July 23, 2021

Shocked! VISA Collaborates with RippleNet Partners!

 Global payments giant Visa has announced plans to acquire Currencycloud, where the platform uses RippleNet blockchain technology. The two companies have partnered, and Visa agreed to enter into a strategic partnership with CurrencyCloud by paying $ 962,780,000.

Currencycloud is a provider of advanced solutions that can help banks and fintech companies make cross -border payments seamlessly. It has more than 500 customers in the banking and fintech sectors and operates in more than 180 countries.

Visa intends to use Currencycloud to expand their services in fintech and at the same time forge partnerships with new partners. In addition, Visa already owns a large amount of equity in fintech companies.

According to Colleen Ostrowski, key people at Visa think the acquisition of Currencycloud is one step to facilitate global money movement services.

On the other hand, Ripple's competitor Stellar is intending to buy MoneyGram. However, so far it is still unclear about the acquisition discussions.

MoneyGram had previously suspended its partnership with Ripple that lasted nearly three years after the SEC announced a lawsuit against Ripple. It then terminated the cooperation agreement with Ripple entirely.

It should be noted that Whale Alert reported for the last 20 hours there has been a transfer of 220 million XRP units to Bitstamp. In general, Currencycloud is also a RippleNet partner and this means Visa will use Ripple’s remittance tools to facilitate cross -border transactions.