Reports have it that credit card giant Visa Inc. has acquired British payments platform Earthport for a whopping $250.6 million. Earthport provides cross-border payments options to banks and businesses. Earthport has been in a partnership with Blockchain-based payment network, Ripple, since 2015. Under the terms of the collaboration, Visa paid four times the value of Earthport’s closing stock price. The deal went down on December 26, according to the report.
Visa was actually interested in acquiring Earthport as part of its promise to expand its cross-border payment services business, which reportedly spiked by 10% in 2018.
XRP (XRP) Price Today – XRP / USD
How the Distributed Ledger Solution Streamlines Payments
According to the company, Earthport streamlines cross-border transactions with a single application program interface (API) to settle and clear funds locally with its partners. Earthport’s clients reportedly include Ripple, the Bank of America, Hyperwallet, Payoneer, Transferwise, and Japan Post Bank. Earthport launched the first distributed ledger hub (DLH) in the world on January 2016. With the DHL technology, Earthport clients can utilize the distribution ledger tech via an inexpensive and simple single API the first in the sector.
The API is not only designed to provide access to the XRP ecosystem alone; rather it offers access to a broad array of payment options that Earthport offers in no more than 200 countries across the globe.
Visa Purchases Earthport For $250 Million
Brad Garlinghouse, the CEO of Ripple, in November 2018, said about 100 SWIFT-linked banks have collaborated with Ripple (XRP). Garlinghouse also indicated that this connection undercut the Society for Worldwide Interbank Financial Telecommunication (Swift)’s proposition that digital currencies and Blockchain technology will not play a significant role in the banking industry. According to Garlinghouse:
It was not too long ago that SWIFT asserted that it didn’t see the Blockchain technology as a solution to the correspondent banking system. Now we have got over 100 of their clients saying they disagree with this view.”
That is the reason why the Ripple CEO recently donated about $50 million to no more and 17 universities around the globe to bolster the adoption and implementation of Blockchain technology. Ripple (XRP) made the donation to these universities in US dollars, not virtual currency, as was earlier reported.
Ripple (XRP) said the amount of interest in the Blockchain sector is soaring as more people are beginning to discover the many advantages of this game-changing technology. Particularly the potential of DLT (distributed ledger technology).
Garlinghouse is Bullish About XRP and Insinuated That Asset Class Could Surpass Bitcoin
Garlinghouse despite the present Crypto Winter remains supremely optimistic regarding the future of the Ripple (XRP) token, Blockchain technology, and the wholesale cryptocurrency industry.
According to the Ripple CEO, XRP remains the only cryptocurrency to have integrated payments systems of big banks successfully with its platform. Garlinghouse predicts that the XRP token could surpass Bitcoin (BTC). According to him, XRP is an independent entity. One separate from Ripple which is why XRP will continue to trade even when or if Ripple shuts down. It is now clear XRP isn’t a security. So if Ripple were to shut down, XRP trades around the world would continue to trade. The Ripple company is just one important participant in the ecosystem, although there are many other participants.