, ,

Visa to Reportedly Acquire Currencycloud for Cross-Border Payments

As per the latest reports, Visa has made an announcement that is going to make the cryptocurrency community happier than they already are. Ever since the start of 2021, Visa has taken a lot of interest in the cryptocurrency industry because the sector has managed to gain tremendous global adoption.

This is the reason why Visa is making full use of this opportunity to reach out to the majority of the people around the world with its services. Visa has recently made an announcement on Thursday, July 22, 2021, which would prove more beneficial for the payments giant.

Visa has announced that it has reportedly acquired a new platform. The announcement suggests that Visa has already signed the agreement that would give Visa full access to a major fintech platform. The name of the particular platform is Currencycloud, which is known to be providing its services to major traditional financing institutions.

The reports suggest that Currencycloud is currently known for providing support to 500 banking clients as well as technology clients. The particular platform currently provides its services in over 180 countries and is set to expand its service provision jurisdiction.

Visa has revealed the true motive behind the acquisition of the fintech firm. According to Visa, it was always looking forward to expanding its foreign exchange business. With the expansion of the forex business, it is aiming to serve its partners, fintech, and financial institutions.

The acquisition of the global fintech firm would also help it improve its payments speed as well as transparency. This information was shared by Colleen Ostrowski, the global treasurer at Visa.

Ostrowski further talked about the importance of acquiring Currencycloud. She stated that the acquisition of Currencycloud is yet another instance of how Visa proceeds with the strategy, which is being a network of networks. The firm is doing this in order to facilitate its users and clients in terms of movements for global funds.

With the passage of time, businesses and consumers have started becoming very demanding of the cryptocurrency industry. They want the cryptocurrency industry to provide simplicity, speed, and transparency when it comes to making transactions. Businesses and consumers expect these benefits when receiving or making international payments.

Visa has announced that it was already under a collaboration deal with Currencycloud. The collaboration between the firms was strategic and its acquisition was part of the deal. Visa already owned an equity stake in the firm but as it is expanding its cryptocurrency services all over the world, it was important for it to acquire the company entirely.

Visa’s equity stake in the fintech firm was already worth $956 million, which included retention and cash incentives.

Leave a Reply