Ripple and Coinbase in Bidding War Over Circle Acquisition

The competition to buy Circle, the company behind the well-known USDC stablecoin, is heating up. Ripple and Coinbase, two major players in the crypto world, are in a bidding war. Sources familiar with the matter say that Circle is having informal talks, as both companies want to take control of Circle’s stablecoin system. Circle Confirms it is working on its Long-Term Goals According to other sources , Ripple has made a strong proposal, offering $9 billion to $11 billion in cash and XRP tokens to compete with Coinbase’s offer. The details of Coinbase’s bid are unclear, but there are reports that the crypto exchange is considering buying Circle. Analysts believe the acquisition would increase Coinbase’s power in the stablecoin market, especially because of its close relationship with Circle through the Centre Consortium. Despite ongoing speculation, none of the parties involved confirmed the bids. Ripple and Coinbase have yet to comment on the talks. However, the company spokesperson said that Circle is working on future growth, which includes a planned initial public offering (IPO). Recall that the stablecoin issuer tapped top investment banks JPMorgan and Citigroup to proceed with its IPO plans. Should Circle succeed with this IPO, it would be the second in the digital asset sector after American cryptocurrency exchange Coinbase, which bagged its IPO in 2021. Circle Driving New Payment Frontier Despite the acquisition war, Circle continues to expand its role in global payments. Last month, the company launched a new payments and cross-border remittance network . Circle CEO Jeremy Allaire affirmed that the launch will target banks, fintech companies, payment service providers, remittance companies, and USDC partners. Circle sees a chance to grow as new rules open up the stablecoin market . Furthermore, Circle plans to compete with bigger players like Tether and strengthen its role in the payments industry. While Circle has been a leader in stablecoins, it is now shifting its focus to payments. The new network will begin by focusing on remittances. Ripple Labs Makes Biggest Crypto Acquisition in Its History Meanwhile, Ripple Labs has just made one of the biggest moves in crypto history. As reported by TheCoinRise, the company bought Hidden Road for a whopping $1.25 billion. It is worth noting that the partnership between Ripple and Hidden Road is more than just a merger. It is about innovatively combining traditional finance with the crypto industry. Now that Ripple owns Hidden Road, the company will use the XRP Ledger (XRPL) to settle some trades. This means trade will happen faster, cost less, and be more efficient than traditional baking systems, which can take hours or even days. Additionally, this deal combines Ripple’s crypto knowledge with Hidden Road’s trusted reputation in finance. The post Ripple and Coinbase in Bidding War Over Circle Acquisition appeared first on TheCoinrise.com .

Source: The Coin Rise