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March 21, 2023
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Altcoin Blockchain Finance News

American Payment giant VISA Inc. to acquire Ripple cross border payment partner Earthport

VISA is an American multinational financial service incorporation that mediates electronic funds transfer throughout the world. Founded in 1958, 60years ago, VISA provides its financial services through VISA branded credit cards, gift cards, and debits cards. Generally, VISA does not issue cards to consumers, set rates or extend rates but rather issue VISA branded product to a financial institution to extend whether credit, debit, prepaid and cash access programs to consumers. VISA operation cuts across almost all continents except Antarctica with their VisaNet processor. This year October, Cointelegraph reported that VISA was getting ready to go Blockchain with a digital identity system ‘’VISA B2B Connect’’ for across border payment in the first quarter of 2019, the system was reported to be able to tokenize sensitive business data like banking details and account numbers, according them with a unique cryptographic identifier as Blockchain goes hand in hand with cryptography will be used for transactions on their platform.

The recent news release reported on December 27, 2018, stated  VISA Inc. acquired ripple cross border partner Earthport. Founded in 1997, Earthport is among the FinTech50 and its shares are listed on the London stock exchange secondary market with the mission to transform the future of cross border payment to support trade, commerce, and remittance operations. Earthport is a partner of  Blockchain Tech Company, Ripple, their partnership was directed to integrating the Ripple protocol into the Earthport network to enhance international transactions. Reuters reported that possession will be made for about £198 million or 30 pence ($0.38) per each Earthport share, which exceeds the stock’s Monday closing price of 7.45 pence by over four times.

Ripple as a company this year has made a lot of progress with a lot of partnerships and now that VISA Inc. is acquiring Earthport, we can hope that VISA will use the ripple protocol anyway. If VISA goes Blockchain that will be very huge for the Blockchain industry, not just ripple as a company alone.

NB: Ripple is a technology that acts as a digital payment network and a cryptocurrency for financial transactions. The coin for the cryptocurrency is labeled as XRP. So basically XRP runs on the ripple Blockchain network and to throw more light on this, people using the ripple network are not required to use the XRP.

Clearly , Ripple having a lot of partnerships and offering a lot of utility in their ecosystem clearing points out that it is no longer a security because once ripple as a company breaks down hundreds of exchangers will continue to trade XRP.

I Am Crypto Ras

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