Last edited: Dec 24, 2021

Visa, the largest credit card network in the world, has acquired Ripple partner CurrencyCloud in a deal valued at around $930 million USD.

CurrencyCloud is a cross-border payments platform that enables banks and other financial institutions to provide innovative foreign exchange (Forex) solutions.

According to the joint press release, this acquisition “will empower Visa and CurrencyCloud clients and partners to provide greater transparency, flexibility and control for consumers and businesses when making international payments or doing business in multiple currencies.”

“The acquisition builds on an existing strategic partnership between CurrencyCloud and Visa. Currencycloud’s cloud-based platform already supports over 500 banking and technology clients with reach in over 180 countries and will continue to serve and support its customers and partners across the industry.”

In terms of the specific services CurrencyCloud provides to its institutional clients, it offers a wide range of APIs in service areas such as foreign exchange, virtual account management, and multi-currency digital wallets. This enables banks and financial institutions to efficiently digitize their financial products.

CurrencyCloud formerly partnered with Ripple in July, given that Ripple’s primary focus of its blockchain network is to move money effortlessly and cost-effectively, coinciding with CurrencyCloud’s services.

It is unclear whether Ripple has any relevant relationship with CurrencyCloud after Visa’s acquisition. However, given the track record of traditional companies partnering with different blockchain protocols in recent years, particularly in 2021, it is likely that Visa may want to continue a strategic partnership to leverage Ripple’s expertise in low-cost cross-border payment mechanisms, which would be great news for XRP and the cryptocurrency world as a whole.

XRP price chart over the last 24 hours (15-minute intervals)