Visa payments giant acquire RippleNet customer Currencycloud, improves cross-border payments
Global payments giant Visa has announced plans to acquire Currencycloud, a global cross-border payments platform that runs on RippleNet. The two companies have partnered, and Visa values Currencycloud at a hefty price, at $962,780,000.
Visa to acquire Ripple customer Currencycloud
Walter Bloomberg also tweeted this news:
*Visa To Acquire Currencycloud $V
— *Walter Bloomberg (@DeItaone) July 22, 2021
Currencycloud is a provider of state-of-the-art solutions to help banks and fintech companies make cross-border payments seamlessly. It has more than 500 clients in the banking and fintech sectors and operates in more than 180 countries.
Payment giant Visa intends to use Currencycloud to expand it to innovative fintech solutions and reach out to many new partners and enable new use cases and payment flows. In addition, Visa already owns a significant amount of equity in the fintech company.
“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement,” Colleen Ostrowski, Visa’s Global Treasurer, stated.
Meanwhile, Jed McCaleb’s Stellar is in talks to buy MoneyGram. Specifically, Ripple’s competitor is reported with global private equity firm Advent International to buy leading money transfer company MoneyGram. At this stage, it’s not clear how the acquisition talks will pan out.
MoneyGram suspended its partnership with Ripple that had lasted for almost three years after the SEC announced its lawsuit against Ripple. It later terminated its collaboration agreement with Ripple completely. Ripple, in its turn, disposed of all the MoneyGram stocks it held.
Stellar and Ripple, which share many similarities, have been in a wiry rivalry for years, partly due to the drama surrounding their co-founder. The MoneyGram acquisition could further reignite animosity between the two camps.
Elsewhere, Whale Alert reported that over the past 20 hours, two tranches, totaling almost 220 million XRP tokens, were made to the Bitstamp. Bitstamp first received 19,289,920 XRP (equal to $10,826,389) and, a short while later, it received a tranche of 200,000,000 million XRP tokens (totaling $112,760,867). This amount of crypto is worth a whopping $123,587,256.
Both times, the transfers were made by U.S.-based crypto exchange Uphold. At press time, XRP price is trading at $0.57, approaching $0.60 after dropping to $0.52 on July 20,
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