Visa Cryptocurrency

Visa buys Ripple partner CurrencyCloud for $925 million

Visa buys Ripple partner CurrencyCloud for $925 million
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Visa has completed the acquisition of Currencycloud, a global platform that enables banks and financial technology companies to provide foreign exchange solutions for cross-border transactions.

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Visa completed the acquisition of Currencycloud

According to a press release, the acquisition “will provide greater transparency, flexibility and control for Visa and Currencycloud customers and partners when making international payments or doing business in different currencies.”

According to the press release, Visa and Currencycloud have already established a strategic collaboration to serve and support Visa customers using the cloud-based Currencycloud platform, which supports more than 500 banking and technology clients in more than 180 countries.

Currencycloud has partnered with fintech firm Ripple to use RiipleNet, Ripple’s global financial payments network, which “provides connections to hundreds of financial institutions around the world via a single API and makes moving money faster, cheaper and more reliable,” as first reported by Crypto Potato .

According to Ripple’s website, RippleNet eliminates the need to pre-fund accounts using a feature called Liquidity On Demand, which uses XRP. RippleNet is supposed to be used by banking giants such as Santander, Bank of America, SBI Remit and Banco Rendimento.

Currencycloud’s collaboration with Ripple has allowed “the search for new mechanisms to effectively move funds around the world, especially when restrictions and limitations limit the potential of small and medium businesses.”

Visa is making its way into the bitcoin market. It became the first large payment network to use the stablecoin as a settlement currency in March 2021, when it began settling payments in the USDC stablecoin on the Ethereum blockchain.

Visa, the world’s largest payments company, has announced that it will now settle payments in the USDC stablecoin on the Ethereum blockchain, making it the first major payments network to do so.

Visa has experimented with the option to pay in US dollars through the cryptocurrency exchange Crypto.com, which will now be able to operate the crypto debit card company exclusively in digital assets, according to Business Insider. Visa’s regular settlement mechanism forced the company to settle in fiat currency, which added to the company’s costs and complexity.

Forstel went on to say that it is a natural extension of the company’s mission to “securely facilitate payments in all different currencies around the world”. According to TheBlock, Crypto.com co-founder and CEO Chris Marsalek stated that the company hopes to enable “millions of people around the world to access and use the digital currency.”

Visa’s decision to accept cryptocurrencies directly allows it to take full advantage of its advantages. Crypto Anchorage acts as a settlement agent for USDC transactions, which means that Crypto.com sends USDC to Visa’s Ethereum address in Anchorage.

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