$XRP

Ripple (XRP) proposed to acquire its competitor Circle Internet Group Inc. for an amount between 4.000 and 5.000 million dollars, but the offer was rejected as insufficient, according to Bloomberg citing sources close to the negotiation. The operation would have meant one of the largest acquisitions in the crypto sector.

According to the sources, Ripple maintains interest in Circle, although it has not yet decided whether to submit a new proposal. Circle, for its part, is focused on advancing its IPO, for which it submitted documentation at the beginning of the month to the U.S. Securities and Exchange Commission (SEC).

Ripple's intention comes in a context of increasing activity in mergers and acquisitions within the crypto ecosystem, driven by the recovery in the value of digital tokens. Firms like Circle, BitGo, Gemini, and Bullish Global are considering debuting in the stock market in the short term, according to previous reports.

Ripple strengthens its presence in the crypto ecosystem

Ripple had already closed in April the purchase of Hidden Road, a prime broker of digital assets, for 1.250 million dollars. The acquisition aims to better position its stablecoin RLUSD as collateral in brokerage operations and facilitate the use of XRP Ledger in post-trade processes.