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Ripple offers up to $5 billion to break through a circle
Ripple offered to acquire stablecoin issuer Circle for $4 billion to $5 billion. Circle reportedly rejected the offer as too low.
Ripple, Inc., the issuer of XRP, reportedly made an offer to acquire stablecoin issuer Circle. The price of $4 billion to $5 billion was rejected as too low. Crypto sources and influencers have repeated the allegations, though neither side has made any public statements.
According to sources familiar with the acquisition attempt, Ripple has not considered making a higher offer.
The acquisition attempt surfaced just as Circle was planning to conduct an IPO, potentially securing a higher valuation for the company. Recent estimates based on the stock price range between $4 billion and $6 billion.
Circle representatives stated that there were no plans to abandon the IPO and that the company would proceed with its plans. The company declined to comment on the rumors or share further details about the negotiation process.
After the reported acquisition attempt, XRP remained slightly below $2.19 as the crypto market took a step back. XRP is not needed as a utility token, as Ripple's payment network can handle transactions without the need for a native token.
The acquisition comes at a time when fintech applications are aiming to integrate stablecoins as a faster settlement layer. Visa announced a partnership with Bridge, part of the Stripe FinTech group, to issue new stablecoin payment gateways. Stripe itself is building a new stablecoin product, transitioning from a fintech application to a crypto payment gateway.
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