Visa acquires one of Ripple's partners for $ 250 million

31.12.2018 / 14:26

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California - based giant Visa announced it acquired Earthport. A British company specializes in cross-border transactions for banks and businesses.

With this merger, Visa will leave its mark in the cross-border transactions and payments sector. In addition, Earthport is a partner of Blockchain, the Ripple-based company. In 2014, the two companies united with the idea of making joint efforts to improve their payment systems.

Earthport offers single APIs (application program interface) to banks and financial institutions to make international payments and transfers. The company is currently operating in more than 60 countries and their clients besides Ripple are: Bank of America, Hyperwallet, Transferwise, Paynoeer and Japan Post Bank.

The company is also working on the development of blockchain technology in an effort to fully transform the international payment and transaction systems. Moreover, their partnership with Ripple makes the adoption of blockchain technology even easier, as Ripple has a connection with over 100 SWIFT-operating banks. The merger with the company will certainly push Visa forward in their quest for the development of international payment systems and will facilitate electronic payments, which have risen 10% in 2018.

The Crypto Society has accepted the news fairly optimistically and believes that this may be a step forward for XPR to traditional markets. However, the value of XPR remains too low.

Earlier this month, Ripple's partnership with GMT, the largest Israeli fintech company, was also announced. Ripple is also partnering with the CIMB Group, the fifth largest bank in the ASEAN, to develop international payments in the region.

Source: Finance Magnates

Photo: Pixabay

Trader Martin Nikolov

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Visa acquires one of Ripple's partners for $ 250 million

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