#Ripple to Buy #Stablecoin #Payments Firm Rail for $200M to Boost RLUSD
What to know:
The Rail acquisition is a way for Ripple to delve deeper into the fast-growing stablecoin ecosystem after launching its RLUSD stablecoin.
Rail's capabilities include virtual accounts and automated back-office systems, enabling customers to transact in digital assets without the need to open dedicated crypto bank accounts or wallets on exchanges.
The deal is likely to close in the fourth quarter of this year.
Ripple is buying Rail, a stablecoin payments platform, for $200 million, the firm said on Thursday.
The deal is likely to close in the fourth quarter of this year, the statement said. Rail is a Toronto-based payments platform backed by Galaxy Ventures and Accomplice.
The Rail acquisition is a way for Ripple to delve deeper into the fast-growing stablecoin ecosystem after launching its RLUSD stablecoin in December last year.
RLUSD has a market cap of over $600 million, placing it in the top largest stablecoins, according to data tracked by CoinMarketCap.
Ripple previously had offered to buy Circle (CRCL) for $4 billion-$5 billion, but that stablecoin giant ended up going public several weeks back. It's since delivered amazing returns for its IPO investors.