California is known as one of the top states for crypto jobs, policy, and investment, and the recent news out of the Golden State has boosted its appeal to crypto enthusiasts and investors. Recent reports state that global investment giant BlackRock and blockchain company Ripple have made major investments with hopes of growing digital asset transactions and also accelerating their integration into the state’s technology and finance sectors.
Ripple has finalized a $200 million deal to buy stablecoin payment provider Rail. For Ripple, the deal is targeted at the growing B2B stablecoin payments market, which market analysts have predicted will hit $36 billion globally this year. By improving accessibility and streamlining transactions, the move also opens doors for everyday crypto users, whether they’re making cross-border payments, considering DeFi platforms, or looking to buy presale tokens in promising blockchain projects before they hit major exchanges.
Rail’s platform currently allows companies to make stablecoin payments without the need to hold crypto or open accounts with crypto exchanges. Its infrastructure also includes automated back-office systems and virtual IBANs, which allow the platform to provide a wide range of payment solutions. With this deal, both companies will combine under one platform, enabling users to manage internal treasury flows and carry out different forms of payment.
This practically means that within seconds, customers can send and receive international payments in different digital assets such as Ripple’s RLUSD stablecoin, XRP, or any other supported assets, and without the operational and compliance issues that have stopped financial corporations from implementing blockchain solutions.
Ripple President, Monica Long, spoke on the acquisition, stating that it is a big step forward in the growth of digital finance. She mentioned that stablecoins are becoming a main part of modern finance, and by partnering with Rail, the company is positioning itself to lead the next chapter of adoption and innovation in global payments.
Bhanu Kohli, Rail CEO, said that Ripple shared in their vision of bringing innovation to stablecoin payments. He also mentioned that in the past four years, they have built the fastest way to make payments using stablecoins. Currently, Rail handles over 10% of all global B2B stablecoin payment activity, according to the company.
While Ripple is focused on expanding its services across the U.S. borders, BlackRock is making moves in a different corner of the financial world.
Known as the largest asset manager in the world, BlackRock has announced that it would be investing about $1 billion in LendingClub’s marketplace programs. Both parties have signed a memorandum of understanding, and the investment will run for the next two years.
Since launching this marketplace model, LendingClub has sold about $6 billion in loans. LendingClub’s SVP and general manager for Marketplace, Clarke Roberts, believes that the BlackRock deal is a huge step forward, and it is a move that validates the company’s standards and the success of its marketplace model.
For a company that operates both as a fintech lender and a federally chartered bank after buying Radius Bank for $185 million in 2020, this partnership feels like a vote of confidence, affirming its position as a counterparty of choice when it comes to consumer lending.
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