Ripple to Invest $200 Million in Rail Stablecoin Acquisition on August 7
Ripple's acquisition of Rail, a global stablecoin-based payment platform offering virtual IBANs, named accounts, and USD payment channels with 12 partner banks, aims to enhance its digital asset payment infrastructure.
Summary
On August 8, Ripple announced its agreement to acquire Rail for $200 million. Rail provides payment solutions including virtual IBANs, named accounts, and USD payment channels with 12 partner banks, and the acquisition is aimed at jointly developing stablecoin payment solutions to boost Ripple’s digital asset payment capabilities.
Terms & Concepts
- stablecoin: A cryptocurrency pegged to a stable asset such as the US dollar, designed to reduce volatility and facilitate digital payments.
- virtual IBAN: A virtual bank account number used to streamline international transactions without requiring a traditional bank account.