Visa reportedly disclosed details regarding its decision to enter a definitive agreement for purchasing Currencycloud – a fintech entity catering to nearly 500 banking and tech clients throughout the world. 

Specifically, the freshly completed acquisition reportedly has a goal of enhancing Visa’s foreign exchange business, as well as widening the scope of their offering to cater to financial institutions, fintechs and partners. 

The agreement will reportedly bring development to two particular features of the pro-crypto tech giant – payment and speed, as revealed by the firm’s global treasurer Colleen Ostrowski.

“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement. Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments.”

The Visa merger reportedly happened not long after Currencycloud formed an alliance with Ripple – a top-tier crypto firm that built the XRP token. Details of the partnership were disclosed in July, with a plan to deep-dive into additional mechanisms for cross-border transactions, which primarily revolves around jurisdictions with legislations limiting opportunities for SMEs. 

This most recent acquisition reportedly surfaced during the time Visa spent extensive efforts to commit to its digital currency adoption, taking an active stance to adopt both kinds of popular crypto coins – Bitcoin (BTC) and fiat-pegged stablecoins.

In July 2021, Visa reportedly granted approval to the issuance of a new Bitcoin debit card focusing on Australia clients.