Now the deal is dry. Visa acquires the London-based payment service provider Currencycloud. Will the payment giant join RippleNet next?
What has been an open secret since July of this year is now official. The payment giant Visa completed the acquisition of today, Tuesday, December 21st Currencycloud away. Both companies reported this in a joint Press release. Visa pays a total of £ 700 million (almost € 823 million) for the services of the London-based B2B payment provider.
The acquisition was preceded by a partnership. Currencycloud offers almost 500 customers from the banking and tech industries in over 180 countries a cloud-based exchange service for cross-border payments. The press release states:
The acquisition will enable Visa and Currencycloud customers and partners to provide consumers and businesses with greater transparency, flexibility and control when making international payments or doing business in multiple currencies.
The takeover by Visa could now also mean a positive side effect for Ripple, at least that’s what the Ripple community hopes. Because Currencycloud has been cooperating with the crypto start-up from San Francisco since July 2020. As part of the partnership, the London-based company uses the payment network RippleNet.
It remains to be seen whether Visa will also decide to join RippleNet as a partner. Possible plans on the part of Visa to develop its own payment solution would also be conceivable. The company is now making its crypto knowledge available to others.