VISA is the largest financial payments company in the world. Without VISA, it is almost impossible for anyone to make an international payment. The company has enjoyed a considerable amount of monopoly over the financial payments system for a long time. However, with disruptive technology like blockchain the fintech industry is changing.
Countries like El Salvador have decided to add Bitcoin as a legal option to tackle billions of USD worth of transaction fees every year. To preserve its stronghold over the financial world, VISA has decided to leave behind its prejudice against cryptocurrency and signed a deal with RippleNet associative technologies.
VISA recently announced via social media that the financial giant completed its acquisition of the Ripple Labs product CurrencyCloud. For buying the rights of the company, VISA paid a whopping 700 million British pounds. At current exchange rates, the amount is valued at $925 million. According to the media reports, the deal was finalized in July.
However, the latest notification from VISA is only an update about the completion of the acquisition or the undertaking process. CurrencyCloud also shared the news on its official Twitter account and claimed that the management is excited to work alongside the global leader to move forward with the fintech innovations.
According to the latest news shared by the CurrencyCloud management, the interest from VISA is part of a broader plan moving forward. CurrencyCloud is an online forex service that aims to make international remittances and money-exchange services more viable for users.
With the new company, VISA is planning to get ahead in blockchain technology payment methods. PayPal is another giant that has also started to take a massive interest in blockchain-related services integration. MasterCard and PayPal are likely going to follow suit to match the recent advancement by VISA with RippleNet. Up until last year, VISA executives maintained that the company was not interested in working with any sort of digital asset venture.