Top financial services provider Visa appears to be cunningly adopting Ripple’s cross-border payment technology — RippleNet — for its business. While there has been no official partnership between Ripple and Visa at the time of writing, the web2 payment giant has made it a norm to acquire several top partners of Ripple.
Ripple is a crypto solutions company and cross-border payment firm headquartered in San Francisco. The company adopts XRP — the XRP Ledger native currency — to facilitate its cross-border payment services for individuals as well as financial institutions.
Following Ripple’s outstanding blockchain solutions, several financial companies have scored partnerships to expand their reach and optimize their businesses. Visa, on the other hand, has acquired about 4 Ripple partners within the last 6 years, according to disclosure by a pseudonymous XRP proponent, 24hourscrypto.
Per the tweet, the Ripple partners acquired by Visa include EarthMoney and CurrencyCloud, while the payment giant scored a partnership with two other Ripple partners DeeMoney and Novatti.
Notably, Ripple announced a global partnership with Earthport in December 2014. In December 2018, Visa outbidded Mastercard to buy Earthport for $250 million. Fast forward to March 2020, DeeMoney, a Thailand–based fintech company partnered with Ripple to power faster and cheaper cross-border money transfers.
Again, Visa partnered with DeeMoney last December. In December 2020, CurrencyCloud aligned with Ripple to leverage RippleNet technology for its business. A year later, Visa completed the acquisition of CurrencyCloud.
These instances have compelled several people including the pseudonymous user to claim that Visa could be working with Ripple discreetly. “Visa is just following footsteps behind Ripple,” he said. He added that Visa is silently working with Ripple and this could take the XRP price to $100 in the future.
It remains unconfirmed the relationship between Visa and Ripple but per the update, it was noted that Visa plans to partner with blockchain companies offering cross-border payment solutions. Ripple stands out in this category as its RippleNet technology continues to expand amid the ongoing SEC XRP lawsuit.
Remarkably, Ripple’s crypto-powered payment solution is available in nearly 40 payout markets, up from just three markets in 2020, per the company’s 2022 Q4 market report. The report added that “Ripple has processed nearly $30 billion worth of volume and 20 million transactions since RippleNet was first launched. In 2022, approximately 60% of those payments were sent through its On-Demand Liquidity (ODL) network.”
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