Jun 25, 2019 19:33 UTC
Jun 25, 2019 at 19:33 UTC
Paysend Acquires Australian Blockchain Startup Rapid SD
Payments platform Paysend has acquired the rights over startup Rapid SD Pty Ltd , for an undisclosed amount.
Rapid SD, an Australia-based software development company specialises in DLT blockchain developments..
The news comes barely a week after Paysend launched its Pays XDR stablecoin, which is backed by a basket of five fiat currencies including the US Dollar, Euro, Yen, Chinese Yuan and Pound Sterling.
Sergey Yusupov, a well-known member of Stellar community, founded Rapid SD in 2014. Paysend’s stablecoin was also built on the Stellar DEX network and is based on the IMF SDR basket of currencies.
The payments disruptor informed that it will hold fiat collaterals in pledge, which implies that they have a license to receive the funds, equal in amount to the number of circulating tokens.
Paysend, formed in 2017, currently claims over 800,000 customers and yearly turnover of £600 million across Europe, and more than 60 countries. Users can send funds from Europe to over 12 billion Visa, MasterCard or UnionPay cards across the Paysend network of countries.
While talking about the acquisition, Ronald Millar, CEO of Paysend, said:
“The team behind Rapid SD has proven expertise and a solid reputation for launching outstanding products based on distributed ledger technologies.” R
SD founder, Yusupov further said:
“I am proud to join Paysend. Its team has a proven track record in banking, finance and fintech and has built scalable proprietary technologies which, when combined with the global stablecoin that we are creating, will revolutionise the future of money.”
The competition among stablecoins are on the rise, with several new Euro, British pound, and US dollar-pegged tokens, similar to Paysend’s “Pays XDR” launching this year. One must hope that the upcoming year will prove to be fruitful for crypto.