Ripple Acquires Stablecoin Payments Platform Rail for $200 Million
Ripple is acquiring Rail, a stablecoin payments platform, for $200 million. The transaction is expected to close in Q4 2023.
Key points:
- Rail is based in Toronto and supported by Galaxy Ventures and Accomplice.
- This acquisition aims to strengthen Ripple's position in the stablecoin sector following the launch of its RLUSD stablecoin.
- The deal follows an earlier report that Ripple proposed to buy Circle, another stablecoin firm, for $4 billion to $5 billion.
- Circle recently went public and has shown strong returns for IPO investors.
- Ripple President Monica Long emphasized the importance of stablecoins in modern finance and the potential for innovation in global payments.