Ripple to Boost Stablecoin, XRP Payment Services With $200 Million Rail Acquisition
Ripple has agreed to acquire Rail, a Toronto-based payments platform, for $200 million. This acquisition aims to enhance Ripple's stablecoin payment services and enable the offering of virtual accounts, facilitating transactions without the need for digital wallets. Ripple plans to focus on payment ramps that allow customers to exchange stablecoins and traditional payment formats. Rail has partnerships with over 12 banks and provides services to fintechs, payment providers, neobanks, and enterprises, including compliance and transaction monitoring features. The acquisition will support Ripple's RLUSD stablecoin and the cryptocurrency XRP, which recently rose to $3.07. Ripple is increasing its presence in the payments sector, especially following recent stablecoin legislation, and has applied for a banking license with the Office of the Comptroller of the Currency. Earlier in the year, Ripple acquired Hidden Road for $1.25 billion to expand its institutional client services.
