Ripple acquires stake in Bitstamp
Ripple acquires stake in Bitstamp
Ripple has announced that it is buying shares in cryptocurrency exchange Bitstamp, originally owned by Pantera, as part of its expansion of influence.
Investment management firm Galaxy Digital Holdings recently reported this in its latest quarterly report. According to the document, Galaxy Digital advised Pantera to sell its Bitstamp stake to Ripple in the first quarter of this year.
According to Bloomberg, Pantera Capital invested up to $10 million in 2013, just before the exchange went global, according to The Crypto Basic website.
This led to speculation that Ripple had made strategic moves to strengthen its Liquidity Hub (LH) solution or to meet on-demand liquidity (ODL) goals.
It is important to note that Bitstamp continues to be one of Ripple's longstanding on-demand liquidity (ODL) partners. The exchange recently expanded its services to the XRP registry by integrating euro-backed debt receipts into the network.
The purchase of Bitstamp shares marks another strategic move by Ripple to strengthen its offering, although the specific purpose of the purchase is unknown.
Ripple also recently acquired digital asset storage company Metaco to expand its storage and tokenization business.
The Bitstamp exchange was founded in 2011 and provides clients with cryptocurrency trading and exchange services, TradeView software, in-depth information and analytics. One of the features of the exchange is an attractive fee policy for clients with high trading volumes.
