Credit card giant Visa Inc. is acquiring British payments firm Earthport for $ 250.6 million. Earthport – which provides cross-border payment services to banks and businesses – Ripple, the blockchain-based payment network, since 201
Under the merger, Visa paid four times Earthport's closing stock on December 26, Reuters reported. Visa is interested in acquiring Earthport because it wants to expand its cross-border payments business, which spiked 10% in fiscal year 2018.
Distributed Ledger Streamlines Payments
Earthport streamlines cross-border money transactions using a single API (application program interface) to clear and settle funds locally with its banking partners. Earthport's clients include Ripple, Bank of America, Hyperwallet, Transferwise, Payoneer, and Japan Post Bank.
In January 2016, Earthport launches the world's first distributed ledger hub (DLH). Using DLH, Earthport clients can use the group's distributed ledger technology through a simple and affordable API.
The API not only provides access to the Ripple ecosystem, but also provides access to the wide array of Earthport offers in over 200 countries.