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The Star
7 minutes ago
- The Star
Exclusive-Ripple to buy stablecoin platform Rail for $200 million
FILE PHOTO: The logo of blockchain company Ripple is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo (Reuters) -Ripple will buy stablecoin payments platform Rail for $200 million, the company said on Thursday, weeks after U.S. President Donald Trump signed a law that raised expectations cryptocurrency tokens are about to enter the mainstream. Ripple, a crypto company that issues the token XRP as well as its own stablecoin called RLUSD, has invested heavily in stablecoin infrastructure in recent months. The acquisition - which will close in the fourth quarter of this year pending regulatory approvals - will enable Ripple and Rail to "deliver the most comprehensive stablecoin payments solution available in the market," it said. "As regulations become more clear and the space has grown and matured, this opportunity for stablecoin payments is really ripe, and the acquisition of Rail just really solidifies our market leadership in stablecoin payments," said Monica Long, president of Ripple in an interview. Toronto-based Rail, backed by Galaxy Ventures and Accomplice, uses stablecoins to deploy cross-border payments. It says its transactions are cheaper and can clear in just hours, compared to longer settlement times for fiat payments. Rail says on its website that the company is responsible for 10% of all global stablecoin-based payment activity. Trump in July signed a bill into law to create a federal regulatory regime for stablecoins, which analysts said could allow digital assets to become an everyday way to make payments and move money. Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, notably by crypto traders moving funds between tokens. Ripple said in April that it would also buy multi-asset prime broker Hidden Road in a $1.25 billion deal, one of its largest acquisitions yet, which it said would enhance RLUSD's utility. Ripple launched RLUSD, a stablecoin pegged to the U.S. dollar, last year, as it sought to disrupt the market dominated by Tether and Circle's USDC. (Reporting by Hannah Lang in New York; editing by Barbara Lewis)
Barnama
19 minutes ago
- Barnama
Scotland To Consider Imposing Formal Boycott On Israel
A demonstrator holds flags next to police officers at Balmedie Beach, on the day of the visit of U.S. President Donald Trump, near Trump International Golf Links, in Balmedie, Aberdeen, Scotland, Britain, July 28, 2025. REUTERS/Hannah McKay LONDON, Aug 7 (Bernama-Anadolu) -- The Scottish government is considering whether to impose a formal boycott on Israel after the Greens co-leader urged First Minister John Swinney to adopt the principles of the Boycott, Divestment and Sanctions (BDS) movement, Anadolu Ajansi (AA) reported. As Scottish daily The National reported on Thursday, the Greens' Ross Greer called for sweeping measures including official guidance to businesses, cutting funding to arms firms linked to Israel, and enabling councils to exclude companies involved in the occupation of Palestinian territories. A Scottish government spokesperson confirmed that Cabinet ministers will 'consider' the proposal. bootstrap slideshow The BDS movement seeks to apply economic and political pressure on Israel similar to the international boycott of apartheid-era South Africa. The move would mirror anti-apartheid boycotts and target firms linked to Israeli occupation, arms trade, and settlement activity. Greer's letter to Swinney called for official guidance to be issued to Scottish businesses, encouraging them to end trade with Israel, a move similar to measures taken against Russia in 2022 following the start of the Ukraine war. Greer also urged the government to repeal part of the UK's Local Government Act 1988, which currently restricts councils from excluding companies from contracts based on political criteria. He suggested amending the Community Wealth Building Bill to enable local authorities to bar firms involved in 'the illegal occupation of Palestinian territory.' Greer further called for an end to public funding for arms companies that have supplied Israel 'during the genocide' and for the government to cut ties with 'all other companies directly complicit in the occupation.' He added that pension funds should be encouraged to divest from companies 'complicit in Israel's apartheid regime,' and proposed that financial penalties be imposed on such companies.
Free Malaysia Today
31 minutes ago
- Free Malaysia Today
Taiwan raids firms accused of stealing chip industry secrets
Taiwan has long accused China of carrying out espionage activities on the island. (EPA Images pic) TAIPEI : Taiwanese investigators said today they have raided 16 Chinese-funded companies suspected of illegally poaching high-tech talent to steal secrets from the island's chip industry. Taiwan is a global powerhouse in semiconductor manufacturing, with more than half of the world's chips and nearly all of the high-end ones made there. China is racing to develop the advanced chips used to power artificial intelligence systems, as it faces export restrictions imposed by the US. Hundreds of officials searched 70 locations across the island and questioned 120 people from July 15 to Aug 6, the justice ministry's investigation bureau said. The probe is still underway and no charges have been filed, a bureau investigator surnamed Gu told AFP, adding there were 'around 25 to 30' such investigations every year. Intelligence shared by the bureau indicated 'several illegal mainland-funded enterprises have been stealing Taiwan's high-tech secrets through illegal poaching', said the Hsinchu District Prosecutors Office, which was involved in the raids. 'The companies targeted had 'used diverse and highly harmful infiltration methods',' it said. Among the firms searched were Goertek, a major Apple supplier, and US-listed VNET Group. Taiwan has long accused China of carrying out espionage activities on the island, which Beijing claims is part of its territory and has threatened to seize by force. Taiwan put Chinese tech giant Huawei and chip titan SMIC on an export blacklist this year, further squeezing Beijing's access to the technology needed to build the most advanced chips. Local companies wanting to ship high-tech products to Huawei, SMIC or any other entity on the list will have to obtain permission from Taiwan's government. The investigation bureau said in March that SMIC and other Chinese companies were being probed on suspicion of illegal talent poaching.
