Main crypto cost agency Ripple has reportedly acquired a minority stake in Bitstamp, one of many oldest crypto exchanges, from Pantera Capital, a hedge fund specializing in cryptocurrencies. The transaction was disclosed within the first-quarter report of Galaxy Digital, a crypto funding administration agency, which was launched in early Might.
In keeping with the report, Galaxy Digital acknowledged that it suggested Pantera on the sale of its stake in Bitstamp to Ripple Labs within the first quarter. This deal comes as Galaxy Digital’s funding banking crew achieved report success up to now yr, solidifying its place as a number one funding financial institution for digital property.
Bitstamp, Ripple and XRP
The acquisition is especially fascinating for members of the XRP group, who uncovered some intriguing particulars in regards to the deal. They identified that Pantera Capital had early investments in each Ripple and Bitstamp.
Furthermore, Bitstamp beforehand served as a gateway for Ripple, facilitating entry into RippleNet. Because of this, XRP accounts for 30% of buying and selling quantity on Bitstamp, with the XRP/Euro pair being essentially the most outstanding. Bitstamp additionally holds the standing of the second largest marketplace for XRP, trailing solely behind Binance.
Thus far, neither Ripple nor Bitstamp have offered any official remark concerning the occasion. Whereas the acquisition of a stake within the Luxembourg-listed change appears affordable, the exact motives behind Ripple’s funding stay unclear. It’s speculated that Ripple’s companies, reminiscent of Liquidity Hub or ODL, might be carefully tied to this strategic transfer. Nonetheless, the precise particulars and implications of the acquisition will in all probability be revealed at a later date.