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Why Was Ripple’s $5 Billion Takeover Offer Rejected by Circle?
According to a recent report from Bloomberg, Ripple has made a significant bid of somewhere between $4 billion and $5 billion to acquire Circle, the second-largest stablecoin issuer. However, it appears that the offer was rejected.
The information comes as a surprise, given Ripple’s previous struggles in the market. Despite its efforts, Ripple’s own stablecoin, RLUSD, has seen its progress stall since its initial launch last year. Its market cap has failed to reach new heights, only increasing by less than $20 million over the following weeks.
Despite this setback, Ripple is not giving up on its goal of dominating the stablecoin space. The company’s RLUSD product started strong after receiving regulatory approval in the US, with a 50% increase in market capitalization within days of the announcement. However, it appears that Circle was not impressed by Ripple’s offer.
It remains unclear why Ripple’s bid was rejected, but some speculate that the lack of progress in its own stablecoin may have played a significant role. Ripple’s market cap has been stuck under $320 million, and this stagnation could have made Circle hesitant to merge with a company experiencing such difficulties.
Source: https://cryptopotato.com/why-was-ripples-5-billion-takeover-offer-rejected-by-circle-report/
