Payment giant VISA has completed the acquisition of payment partner Ripple, CurrencyCloud, in a deal worth some US$925 million.
Visa the leading payment processing company, has completed the acquisition of CurrencyCloud for 700 million pounds sterling, equivalent to about USD $ 925 million. In a press release, Visa made the announcement.
CurrencyCloud is a platform a place to buy, sell and store cryptocurrency that enables banks and financial technology companies to provide foreign exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. solutions for cross-border payments. According to the explanation, “Currencycloud gives businesses the ability to move money across borders and transact globally in multiple currencies, quickly. Its technology makes it easy for customers to adopt digital digital technologies are these electronic tools that have the ability to generate, store or even process data. wallets and integrate finance into the core of their business, no matter what industry they are in.”
Since 2012, Currencycloud reports that it has processed over $100 billion in more than 180 countries, working with banks, financial institutions and fintechs around the world, including Starling Bank, Revolut, Penta y Lunar . Headquartered in London with offices in New York, Amsterdam, Cardiff and Singapore. They are regulated regulation is when something is controlled by a specific set of rules. in the UK, Canada, USA and the European Union.
The agreement was signed in July of this year and had already been reported, but lacked regulatory approval. This step has now been achieved.
At the time Visa’s global treasurer Colleen Ostrowski said: “The acquisition of Currencycloud is another example of Visa executing on our network a network refers to all nodes in the operation of a blockchain at any given moment in time. of networks strategy to facilitate the global movement of money. With our acquisition of Currencycloud, we can help our customers and partners further reduce the pain points of cross-border payments and develop great user experiences for their customers.”
CurrencyCloud also confirmed the news through his account an account is essentially a whose purpose is to track the financial activities of a specific asset/ of Twitter:
Exciting times lie ahead for Currencycloud as @Visa announced the completion of the acquisition.
We look forward to working together to provide greater transparency, flexibility and control for companies moving money around the world!
Exciting times ahead for Currencycloud as @Visa announce the completion of the acquisition.
We look forward to working together to bring greater transparency, flexibility and control for businesses moving money around the world! pic.twitter.com/R5BCYjgGHg
— Currencycloud (@Currencycloud) December 22, 2021
It is also worth noting that CurrencyCloud partnered withRipple in July 2020. The focus of the partnership is to process cross-border payments in RippleNet.
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