Visa incorporated will be taking over Earthport, and this is the official word thus far. Visa is a renowned American payment service, and Earthport is a payment system that allows international transactions. Earthport was initially created in London as a payment system administered international transactions for businesses and had partnered up with Ripple.
The aim of the Earthport’s association was to merge Ripple with the payment system to promote and help international transactions. The property will be worth a total of two hundred and fifty-one million dollars ($ 251 m) and the acquisition will cost Visa the same.
The shares of Earthport have been displayed on the LSE market. However, recent reports suggest that the stock price has declined by over twenty-eight percent (28%) in 2018. This declining trend was followed by increasing losses and expenditures. This situation of the stocks made Earthport make some necessary modifications in its approach.
Earthport had also released an API two years ago. This API was supposed to connect financial organizations to the distributed ledger technology (DLT) of Ripple when transactions were being made internationally. This API was also going to help financial organizations to manage the financial, technological and agreement constraints.
Visa was also planning on launching its ID-based cryptography system that was based on blockchain technology. The system was called the Visa B2B Connect. Its sole purpose was to conduct the international transaction. Its launching was scheduled to be in the months of January till March. The Visa B2B Connect is going to tokenize the important information and give it special identification. This ID-based cryptography will be used to make transactions of its program.
In the month of June, reports revealed that Visa’s card payments were facing some interruptions all over the UK. Visa made a tweet stating that they are looking into the major causes and will be resolving them as soon as possible. However, Visa has not yet disclosed whether or not the take over would affect Earthport’s partnership with Ripple in any way.