Reuters has reported on 27 Dec 2018 that Payment services giant Visa is all set to acquire British company Earthport for nearly $251 million. Earthport is a financial banking firm which facilitates cross-border transactions for banks and other institutions. Interestingly, Earthport and Ripple have been partners since 2015, after the London-based business implemented the Ripple protocol alongside its other payment networks.
Hank Uberoi, CEO of Earthport had said about the Ripple partnership at the time
“Ripple is a new technology and, once integrated
inour payments service could bring benefits in efficiency and speed to global transfers. Earthport will apply its existing compliance framework, rule sets andsecure payments network to any Earthport clients transacting using the Ripple protocol.”
Earthport had also launched an API in 2016 which provided a connection to banks and Ripple’s distributed ledger protocol during international transactions.
This development should come as another positive news for the crypto industry. Many big companies are now developing or partnering with robust blockchain-based systems. This should definitely foster accelerated adoption for protocols such as Ripple.