Ripple buys Rail, a Stablecoin payment platform for $ 200 million, the firm announced on Thursday.
The agreement should be concluded in the fourth quarter of this year, according to the press release. Rail is a Toronto-based payment platform supported by Galaxy Ventures and accomplice.
The acquisition of the rail is a way for Ripple to deepen the rapidly growing stable ecosystem after launching its stablecoin rlusd in December from last year.
Rlusd has a market capitalization of more than $ 600 million, placing it in the largest stablecoins, according to data followed by CoinmarketCap.
Ripple had previously offered to buy circle (CRCL) For $ 4 billion at $ 5 billion, but this stable giant ended up being public several weeks ago. He has since provided incredible yields for his investors in the IPO.
Ripple acquired the multi-active brokerage company Hidden Road for $ 1.25 billion in April, with plans to extend its compensation and financing operations, until the end of the creation of the largest first-rate broker in the world.
From now on, Rail’s acquisition will allow Ripple to provide a more complete payment service from Stabqued Owners, the company announced in Thursday’s announcement. Rail capacities include virtual accounts and automated back office systems, allowing customers to transform into digital assets without the need to open dedicated cryptography bank accounts or portfolios on exchanges.
“The stablecoins quickly become a cornerstone of modern finance, and with rail, we are only well placed to drive the next innovation and adoption phase of stablecoins and blockchain in world payments,” said Monica Long, president of Ripple.
The agreement was reported for the first time by Reuters.
Read more: Ripple offered $ 4 billion at $ 5 billion for the circle of stablecoin issuers: Bloomberg
UPDATE (August 7, 12:41 utc): Updates the title and history with the confirmation of Ripple.
UPDATE (August 7, 2:15 pm UTC): Add a paragraph on the acquisition of hidden roads of Ripple and more details on Rlusd, the IPO of Circle and what adds to Ripple.
