Recently, Ripple CEO Brad Gerlinghouse revealed that he wants to see more consolidation in Fintech industry in 2020. It has happened after Visa acquired fintech startup Plaid for $5.3 billion. So for that, will it affect the XRP price?
Let’s move on to the Ripple CEO’s Consolidation in Fintech.
Unprecedented Change in the value of Ripple
XRP gave an unexpected gift to the crypto community. When it rose by 10 percent on Tuesday. The third biggest cryptocurrency has been sluggish in its movement. Barely keeping up with other top cryptocurrencies like Bitcoin (BTC). But in what resembled a rush of adrenaline, XRP astonished crypto investors. When it regained strength to take back the $0.244 level. This event is so remarkable because this is the first show of strength XRP. And It has managed to achieve since November ending of 2019.
Now that XRP has bounced back. But the questions are for how long will its momentum continue and will it at least touch $0.30 before losing steam? Well, analysts believe that XRP has the potential to hit the $0.30 mark. Moreover, It will be made easier to attain if it can break above the downtrend resistance.
Signs of Love between the Crypto and Fintech Industries?
The year 2020 has not even gone far. There is already a romance brewing between the crypto and fintech industries. Ripple CEO Brad Garlinghouse is persuaded that this is just the beginning for the two industries. And that more consolidation is bound to happen as the year progresses.
Basing his conviction on the acquisition of Plaid. A payment startup, by Visa for the sum of $5.3 billion. Garlinghouse’s opinion was that 2020 will witness more fintech and crypto marriages. These talks by Garlinghouse has, however, made the Ripple and XRP community curious whether the CEO is hinting at some big projects the Ripple company plans to embark on.
Ripple, not long ago, finally joined the $10 billion club. After completing its own $200 million Series C funding round. This funding is expected to help Ripple expand its ecosystem.
Visa Purchases a Fintech Company
One of the biggest payment solution companies in the world, Visa. Recently officially announced its acquisition of fintech startup Plaid for $5.3 billion. An amount that supersedes its value of $2.65 billion. Visa’s relationship with Plaid dates back to the startup’s $250 million funding round. In which Visa and Mastercard made investments in the company.
The CEO of Visa, AI Kelly, explained that the purchase of Plaid is a strategic move to get Visa acquainted with the latest technology in the financial industry. The CEO went on to state that the company is ready to go beyond cards and with the takeover of the fintech company, Visa has been presented with a great opportunity to execute its vision.
Though it is too early to say whether 2020 will be a successful year for the fintech market. We can say that it will be definitely a very interesting one to observe. So, let’s wait and see what will be happening. Consolidation in Fintech Industry really works or not. Whether it will have any influence on some particular companies, technologies, and crypto projects.
Writer, researcher, and analyst on cryptocurrency and blockchain technology at L&P Digitech Pvt. Ltd. Also managing the content with SEO at this current company. Keen interest to know more about new technologies related to the crypto world and blockchain technology. Completed Masters in Computer Application (MCA) and holds Post Graduate Diploma in Instructional Designing with sound knowledge in Articulate3. Out of all, love to travel, listen to music, and to eat also.