CurrencyCloud, a Ripple partner, is acquired by Visa for $925 million.
Visa has completed the $925 million acquisition of Ripple partner, CurrencyCloud.
Visa, the world’s largest payment processor, has completed the buying of CurrencyCloud for a staggering 700 million British pounds ($925 million).
Visa, the payment processing behemoth, announced the completion of its acquisition of CurrencyCloud in a press release dated December 20th.
The latter is a platform that enables banks and fintech firms to offer cross-border payment foreign exchange solutions.
According to the transaction, which was inked in July of this year, the acquisition is valued at £700 million, or around $925 million.
The news was also confirmed on CurrencyCloud’s Twitter account:
Exciting days ahead for Currencycloud, with @Visa announcing the acquisition’s conclusion.
We look forward to collaborating to improve transparency, flexibility, and control for businesses that move money throughout the world!
CurrencyCloud joined Ripple in July 2020, which is also worth noting.
The goal of this agreement is to use RippleNet to conduct cross-border payments.