Exodus Motion (EXOD), a publicly traded cryptocurrency pockets firm, introduced on Monday that it’s going to purchase Grateful, a Uruguay-based startup that gives stablecoin-based funds for retailers.
The transfer is geared toward increasing Exodus’ presence in Latin America and deepening its foothold within the business sector, particularly amongst gig employees and small companies in search of sooner and cheaper methods to receives a commission, Exodus CEO JP Richardson mentioned in a press launch.
Grateful’s software program permits retailers to simply accept stablecoins by means of instruments reminiscent of wallet-to-wallet funds, QR POS checkout, and on-chain invoicing. The corporate additionally gives a dashboard to handle transactions and convert cryptocurrencies to native currencies. Exodus plans to combine these options right into a self-custodial pockets system that helps main blockchains, together with Solana. sol$167.02 and ARB$0.2988.
Exodus inventory rose 5% on Monday following a broader rally in shares associated to digital belongings reminiscent of Bitcoin. BTC$106,028.55 and different cryptocurrencies have been acquired over the weekend.
The deal marks the newest entry in a rising record of cryptocurrency M&A geared toward constructing fee infrastructure on blockchain networks, as demand for stablecoins will increase in world transactions. Earlier this yr, funds firm Stripe acquired stablecoin know-how supplier Bridge and pockets firm Aware about strengthen its cryptocurrency funds stack. In a separate transaction, XDC Community acquired Contour and remodeled it right into a stablecoin-based blockchain platform for commerce finance. Keyrock and Bitso predict that with institutional adoption and regulatory readability, the quantity of stablecoins used for funds might attain $1 trillion yearly by the tip of this decade.
“Grateful is a pure complement to our efforts to broaden entry to digital funds and cryptocurrencies in Latin America,” mentioned Richardson. “Gig and creator economies are rising quickly in rising markets, and stablecoin-based fee rails allow vital instruments reminiscent of invoicing, recurring funds, and on-chain funds.”
Consistent with the development of stablecoin funds, Exodus earlier this yr introduced Baanx’s Mastercard crypto debit card, which permits prospects to pay in USDT. USDT$0.9999 and USDC$1.0000 stablecoin.
Learn extra: Stablecoin funds will exceed $1 trillion yearly by 2030, says market maker Keylock
