Ripple is buying Rail, a Stablecoin payments platform, for $ 200 million, the firm said Thursday.
The agreement is likely to close in the fourth quarter of this year, according to the statement. Rail is a Toronto -based payment platform backed by Galaxy Ventures and complicit.
Railway acquisition is a way for Ripple to deepen the rapidly growing stablecoin ecosystem after launching its Rlusd Stablecoin in December last year.
RLUSD has a market capitalization of more than $ 600 million, which places it in the best stable, according to data tracked by Coinmarketcap.
Ripple had previously offered to buy a circle (CRCL) For $ 4 billion, $ 5 billion, but that Stablecoin giant ended up making public several weeks ago. Since then, surprising yields have been delivered for your OPI investors.
Ripple acquired the first category brokerage firm Hidden Road for $ 1.25 billion in April, with plans to expand its compensation and financing operations, until the end of the creation of the largest non -banking principal corridor in the world.
Now Rail’s acquisition will allow Ripple to offer a more comprehensive Stabecoin payment service, the company said in Thursday’s announcement. Rail capabilities include virtual accounts and automated back-effect systems, allowing customers to make transactions in digital assets without the need to open accounts or encryption wallets dedicated in exchanges.
“The stablecoins are quickly becoming a cornerstone of modern finances, and with the railroad, we are uniquely positioned to boost the next phase of innovation and adoption of Stablecoins and Blockchain in global payments,” said Mónica Long, president of Ripple.
Reuters first reported the agreement.
Read more: Ripple offered $ 4B- $ 5B for stablecoin emitter circle: Bloomberg
UPDATE (August 7, 12:41 UTC): Update the holder and the story with the confirmation of Ripple.
UPDATE (August 7, 14:15 UTC): Add paragraph on the acquisition of hidden roads from Ripple and more details about Rlusd, the Oartex to Circle’s Heet and what the rail adds to Ripple.
