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Altcoins

Ripple to Buy Stablecoin Payments Firm Rail for $200M to Boost RLUSD: Report

By admin
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Ripple to Buy Stablecoin Payments Firm Rail for $200M to Boost RLUSD: Report

Ripple is buying Rail, a stablecoin payments platform, for $200 million, Reuters reported on Thursday.

The deal is likely to close in the fourth quarter of this year, the report added. 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.

“As regulations become more clear and the space has grown and matured, this opportunity for stablecoin payments is really ripe, and the acquisition of Rail just really solidifies our market leadership in stablecoin payments,” Monica Long, president of Ripple, told Reuters.



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