Breaking: Ripple to Buy Major Stablecoin Platform

Enterprise blockchain company Ripple is set to acquire stablecoin firm Rail for $200 million, according to a Thursday report by Reuters.

The move will help the San Francisco-headquartered company expand its presence within the burgeoning sector

The report says that the deal is expected to be wrapped up in the fourth quarter of the year

The Toronto-based platform, which is backed by such players as Galaxy Ventures, focuses on providing infrastructure for using stablecoins for cross-border payments

As reported by U.Today, Ripple also bought prime brokerage Hidden Road for $1.25 billion earlier this year, which marks one of the largest acquisitions to date.

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