Payment network firm Visa bought the CurrencyCloud service of Ripple company to improve its cross border payment systems with better transparency.
At present, Ripple is doing its best to bring the payment system to the next level with the development of new types of tools and techniques in the blockchain industry. Many countries’ central banks and payment network companies are approaching Ripple firms to use the advanced blockchain technology to advance the payment system with very high speed and efficiency.
On 21 December, giant payment network company Visa announced that it acquired the Ripple’ CurrencyCloud.
CurrencyCloud is a service platform of the Ripple company. CurrencyCloud allows B2B payments and currency exchange services globally with better transparency.
The whole deal was completed with $930 million. Now with the CurrencyCloud use, Visa will bring transparency, flexibility, and speed in their cross-border payment and settlements between companies.
Visa owns an equity stake in CurrencyCloud already. And this deal was part of the existing partnership of Visa in CurrencyCloud. Visa and Currencycloud signed a definitive deal in July this year.
Last year, RippleNet and Currency Cloud were integrated to bring innovations to and new mechanisms to international payments and transactions. It was based on the idea to make it available for small and medium-sized businesses and enterprises under compliance and policies.
Visa on NFTs
Recently Visa head appeared in an interview with a local news media NDTV India.
In the interview, the Visa head said that Crypto and Crypto NFTs have better opportunities for the tech business.
Many tech companies can prepare their products digitally and also can transfer their services to their clients efficiently.
The Visa head also said that in the future people will use crypto addresses just like simple email addresses.