Ripple has recently purchased a portion of Bitstamp, although the exact amount remains undisclosed. According to Ripple President Monica Long, this acquisition will assist in expanding the company’s global reach and enable it to explore opportunities beyond just payment services.
Ripple’s president, Monica Long, stated that acquiring a stake in the European cryptocurrency exchange Bitstamp will aid in expanding the company’s global presence and diversifying its offerings beyond just payments.
According to Monica Long, the president of Ripple, the company has a solid financial foundation and is actively seeking opportunities to expand its business globally and beyond the realm of payments. Ripple acquired a stake in Bitstamp from crypto venture capital firm Pantera, although the exact percentage remains undisclosed. Galaxy Digital Holdings, which advised Pantera on the transaction in the first quarter of the year, recently disclosed this information.
Monica Long mentioned that Bitstamp, similar to Ripple, has a lengthy and well-established background in the cryptocurrency industry. Bitstamp is recognized as a reputable and prominent exchange, especially for its enterprise-grade and institutional services. It has been a valuable partner to Ripple, leading to their enthusiasm in investing in Bitstamp and strengthening their partnership further.
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Ripple collaborates with various cryptocurrency exchanges worldwide, including Bitstamp, to enhance the functionality of its payment product. This collaboration involves incorporating features like fiat on/off ramps (converting between fiat currency and cryptocurrencies) and integrating crypto custody services. According to Jean-Baptiste Graftieaux, the CEO of Bitstamp, Ripple and Bitstamp have been partners since 2017.
Graftieaux expressed their excitement in taking the next step of investing together to enhance the security, reliability, and accessibility of the future of cryptocurrencies, particularly for institutions worldwide.
According to The Block’s Data Dashboard, Bitstamp is ranked as the fifteenth largest cryptocurrency exchange globally based on trading volumes.
Ripple has been actively making acquisitions recently. Just a few weeks ago, the cryptocurrency payments company purchased a Swiss-based startup called Metaco, specializing in crypto custody. The acquisition was valued at $250 million.
Ripple’s recent acquisitions take place amidst an ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC) that has been ongoing for several years. In 2020, the SEC filed a lawsuit against Ripple, accusing the company of raising $1.3 billion through the sale of XRP tokens. The lawsuit also named Ripple’s CEO, Brad Garlinghouse, and co-founder, Christian Larsen. A resolution to this legal matter could be reached by the first half of this year, pending a decision from a federal judge.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.