Visa to Acquire Ripple Customer Currencycloud

Yuri Molchan

Visa payments giant is going to purchase RippleNet customer Currencycloud that improves cross-border payments for banks and fintechs

Recently published press-release has stated that the global payments giant Visa has announced its firm plan to acquire Currencycloud, a global cross-border payments platform that runs on RippleNet.

Visa to acquire a RippleNet member

Currencycloud provides state-of-the-art solutions to help banks and fintech firms to conduct cross-border payments seamlessly. It has more than 500 clients in the sphere of banking and fintech and operates in more than 180 countries.

The two companies have already been working in a partnership and Visa values Currencycloud at a whopping £700 million – that’s $962,780,000.

Besides, Visa already owns a substantial amount of the fintech firm’s equity.

How Visa plans to benefit from the acquisition

The payments giant Visa intends to benefit from this acquisition by using Currencycloud to extend it to improved fintech solutions and reach out to new numerous partners, enable new use-cases and payment flows.

Colleen Ostrowski, Visa’s Global Treasurer, stated:

“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement.”

Jed McCaleb’s Stellar in talks to acquire MoneyGram

In the meantime, Ripple rival Stellar, founded by the Ripple co-founder and its former CTO Jed McCaleb is in talks to acquire the former Ripple partner remittance behemoth MoneyGram, as reported by U.Today earlier.

McCaleb left Ripple back in 2013 (known as OpenCoin back then and rebranded as Ripple Labs later) over discrepancies with the second founder Christopher Larsen, its former CEO at the moment.

McCaleb received a healthy compensation of 8 billion XRP tokens. He has been receiving this amount in stable XRP tranches since then and selling them in portions – thus Ripple forced him to avoid dumpuing the whole 8 billion XRP into the market in one big sell-off.