Visa continues its expansion in the cryptocurrency market with the acquisition of the fintech company CurrencCloud. This company offers different solutions for firms to get access to foreign exchange solutions, making cross border payments easier and faster. The information was shared on December 20th in a press release.
Visa Buys Ripple’s Partner for $925 Million
Visa is searching for new ways to offer better solutions to clients and companies all around the world. The expansion of digital assets is pushing traditional financial solutions and firms to search for new alternatives to remain competitive in a very challenging and innovative environment. This acquisition is part of Visa’s plan to provide better solutions, greater transparency and larger flexibility to consumers and businesses that want to handle international payments.
At the moment, CurrencyCloud manages close to 500 clients from 180 different countries around the world. They will continue offering solutions to these clients and the goal would be to expand their reach and solutions to make the industry more efficient.
CurrencyCloud partnered with Ripple in July 2020, in the middle of the Coronavirus pandemic. With the recent acquisition made by Visa, it would be possible for it to use the RippleNet to share information between banks and financial institutions located in different jurisdictions. However, there are no comments on whether Visa is planning to use Ripple’s solutions in the coming months or years.
Ripple (XRP) is the 6th largest cryptocurrency in the world. It has been one of the best performing cryptocurrencies among the top 20 by expanding by more than 20% in the last seven days. Ripple has been working for several years offering financial solutions that were an alternative to traditional banking services offered by SWIFT.
Nowadays, Ripple works with over 300 clients from all around the world and continues to attract several financial institutions that want to make faster, more efficient and reliable transactions across borders. With this recent partnership between Visa and CurrencyCloud, it might be possible for both Ripple and Visa to get access to a larger number of clients and offer new and innovative solutions for those companies that want to send and receive money.
Despite that, the recent purchase made by Visa is not expected to have a large impact on Ripple’s operations. Indeed, at the moment there is no information on how Ripple and Visa could work together and improve their services. It is just a matter of time to see whether Visa would integrate CurrencyCloud into its business or run it as a different branch.