Connect with us


Visa to acquire cross-border payments fintech Currencycloud



Visa officially announced Thursday that it signed a definitive agreement to acquire Currencycloud, a fintech platform supporting about 500 banking and technology clients across more than 180 countries.

The new acquisition aims to improve Visa’s foreign exchange business and expand them to serve financial institutions, fintechs and partners. The deal will specifically improve Visa’s payment transparency and speed, the company’s global treasurer Colleen Ostrowski said, stating:

“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 new acquisition is based on an existing strategic collaboration between the two firms as Visa already owns an equity stake at Currencycloud, valued at 700 million ($956 million) including cash and retention incentives. Last year, Visa participated in a $80 million funding round for Currencycloud alongside investors like Japanese financial conglomerate SBI Group.

According to the announcement, Currencycloud will maintain its operations from the company’s headquarters in London and will keep its current management team. The acquisition is still subject to regulatory approval.

The story is developing and will be updated.

Source link






Bitcoin’s (BTC) recovery is facing stiff resistance near the $35,000 mark but Bloomberg Intelligence senior commodity strategist Mike McGlone remains bullish. In his latest analysis, McGlone said that the probability of Bitcoin hitting $60,000 is greater than the price dropping to $20,000.

Institutional investors seem to be using the weakness in Bitcoin to build their positions. Cathie Wood’s Ark Invest added more than 450,000 shares of Grayscale Bitcoin Trust in two separate buys in the past week, increasing their holdings to more than 9 million shares. In addition, Edge Wealth Management and Rothschild Investment Corp also added GBTC shares to their portfolio.

Crypto market data daily view. Source: Coin360

However, not everyone is so bullish on Bitcoin. Analysts at Delphi Digital have pointed out that Bitcoin is testing the support at the 12-month moving average and a break below it could result in further downside. Kevin Kelly, a certified financial analyst at Delphi Digital, said a break below $30,000 could prove to be bearish for Bitcoin.

If Bitcoin remains range-bound, traders are likely to shift their focus on select altcoins, which may surprise to the upside. Let’s study the charts of the top-5 cryptocurrencies that may continue to attract buying interest in the short term.