Bitstamp’s Head of Strategic Partnerships Eva Gartner reveals the company’s plans to launch a derivatives exchange in collaboration with Ripple.
Gartner revealed the initiative in the tenth episode of the “Built on XRPL” series. Speaking at the series, Gartner said Bitstamp will launch the derivatives exchange in the next few months, adding that “we [Bitstamp] really hope to cooperate closely with Ripple there as well.”
Additionally, the Bitstamp exec noted that the company is excited about the upcoming derivatives exchange, suggesting that the platform could drive crypto adoption.
XRPL to Power Bitstamp’s Derivatives Exchange
Notably, Bitstamp is expected to launch the derivatives exchange on the XRP Ledger (XRPL) blockchain, as confirmed by multiple sources, including Abdullah Nassif, host of the Good Morning Crypto podcast.
According to Nassif, Bitstamp, in collaboration with Ripple, will build the derivatives exchange on the XRPL. Notably, Bitstamp has leveraged the XRP Ledger to launch several crypto-related products, including stablecoins.
At present, Bitstamp has issued multiple stablecoins tied to the USD, GBP, EUR, AUD, JPY, and CHF on XRPL.
Bitstamp and Ripple Relationship
Furthermore, Bitstamp also has a close relationship with Ripple, which began about seven years ago. Last year, Ripple bolstered this relationship by acquiring a minority stake in the company after acquiring shares previously owned by Pantera Capital.
It remains to be seen whether Bitstamp’s adoption of Ripple’s tech would give the upcoming derivatives exchange an edge over other derivatives trading platforms like BitMEX.
Robinhood Supports XRP as Its Acquisition of Bitstamp Nears Completion
In the meantime, Robinhood is making significant efforts to complete its acquisition of Bitstamp. As reported earlier, the deal, which costs about $200 million, is expected to be finalized next year, subject to regulatory approval.
Through the acquisition, Robinhood would attract more customers, especially institutional clients, across the US, Asia, the EU, and the UK.
With the acquisition set to be completed next year, crypto enthusiasts project that Robinhood would continue Bitstamp’s support for XRP and the XRPL. Interestingly, Robinhood recently took a major step toward supporting the XRPL ecosystem by quietly relisting XRP.
However, XRP is currently available for Robinhood customers in the EU. There is no official update regarding when the trading platform plans to list XRP for its US clients.
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