Ripple’s $4B-$5B Bid for Stablecoin Issuer Circle Rejected amid IPO Plans: Report
Ripple proposed a takeover of rival stablecoin provider Circle Internet Group Inc. for $4 billion to $5 billion, a bid that was rejected as too low, according to sources cited by Bloomberg.While Ripple reportedly remains interested in Circle, it hasn't decided whether to make another offer, said the people, who asked not to be identified because the details aren't public. For its part, Circle is focused on following through on an initial public offering that it filed for earlier this month, the people added.🚨 Circle Rejected Ripple Takeover Bid of $4-5B Ripple Bid for Stablecoin Issuer CircleSources told Bloomberg that Ripple remains interested in Circle, but hasn't decided on whether to make another offer. Ripple's recently launched RLUSD stablecoin has a market capitalization just above $300 million, while Circle's USDC's market cap tops $60 billion.Blockchain firm Ripple made a multibillion-dollar bid to acquire the USDC issuer, but the offer was rejected, according to Bloomberg. Blockchain payments firm Ripple has reportedly bid up to $5 billion in an effort to acquire stablecoin issuer Circle, but the offer was rejected.According to an April 30 Bloomberg report, Ripple put in a bid of between $4 billion and $5 billion as part of an attempted takeover of Circle, which was rejected as being too low. Ripple hasn't considered whether to make another bid to purchase the stablecoin issuer.Following the Acquisition of Hidden RoadRipple Labs, the crypto company behind the popular cryptocurrency XRP, is eying expansion following favorable digital asset regulations in the US. Recently, the company bought Hidden Road for $1.25 billion, marking one of the largest deals in the digital assets sector. The deal marked the first crypto company to own and operate a global, multi-asset prime broker. Hidden Road is a prime broker offering services across foreign exchange, digital assets, derivatives, swaps, and fixed income.Today, Ripple announced it is acquiring Hidden Road for $1.25B– becoming the first crypto company to own and operate a global, multi-asset prime broker. Together, Ripple and Hidden Road are bringing the promise of digital assets to institutional customers at scale, bridging…“We are at an inflection point for the next phase of digital asset adoption—the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” said Brad Garlinghouse, CEO of Ripple.