Visa Inc. buys Ripple partner Currenycloud. Are new opportunities opening up for Ripple?
The first details about the deal between Visa Inc. and Currenycloud were already known in the summer. The business is now finally on the dry side. Visa Inc. is buying Ripple partner Currencycloud and could thus further intensify its efforts in the cryptocurrency space.
Visa buys Currencyloud to open up new business areas
Visa Inc. is the largest payment service provider in the world. With the new investment, Visa intends to open up new fields in the future. New use cases should be implemented, and new partners reached. International companies should gain particular benefits.
These include, for example, fintechs that rely on new technology. Similar to Ripple, Currencycloud also wants to facilitate cross-border payments. Cooperation between the two companies is therefore an obvious choice.
Currencycloud relies on an API that business customers can use for their own projects. One of these business customers is the well-known online bank Revolut.
In order to process transactions as efficiently as possible, the company cooperates with international payment service providers such as SWIFT and, within some economic regions, with networks such as SEPA. Ripple is one of these partners.
A large number of partnerships should ensure the fastest and cheapest way.
Visa Inc. competitor or partner for Ripple?
The existing partnership with Currencycloud could open other doors for Ripple. Visa may soon be using RippleNet itself. However, it is also conceivable that Visa could develop its solution.
Thus, Ripple would not gain influence but instead face a powerful competitor. In August, Visa announced creating its committee to advise business partners.
Visa now provides its APIs and works with popular partners such as Crypto.com and Coinbase.
Only yesterday, Wednesday, Ripples CEO Brad Garlinghouse spoke out and announced that Ripple had its most successful year 2,021th The number of transactions on Ripplenet has doubled since the third quarter of 2020.
Since Visa announced its acquisition of Currencycloud on December 20, Ripple’s price has risen slowly but steadily.
Ripple vs. SEC: litigation continues
As Brad Garlinghouse announced yesterday via Twitter, Ripple is still in a legal dispute with US authorities.
One year ago today, the @SECgov filed a lawsuit against @Ripple, alleging that XRP – public crypto that has been trading on the open market since 2013 – should have been registered as a security. 1/10 – Brad Garlinghouse (@bgarlinghouse) December 22, 2021.
The lawsuit would have been brought on the basis of inadmissible registrations. Garlinghouse, who is also accused as one of the two founders of Ripple, takes this step as a drastic measure.
The lawsuit should not only be seen as an attack on Ripple but only the beginning of a feud against cryptocurrencies. Web2 was largely created in the USA. According to Garlinghouse, Web3 could no longer be developed in the USA under these conditions.