Ripple president explains why the corporate acquired a stake in crypto trade Bitstamp

Ripple president Monica Lengthy stated the corporate’s latest stake acquisition in European crypto trade Bitstamp will assist additional develop the corporate’s worldwide presence and diversification past funds.

“Ripple has a robust stability sheet and we’re actively on the lookout for alternatives to proceed increasing the enterprise outdoors of the U.S. and past funds, as we additional solidify our international management place,” Lengthy advised The Block. The corporate acquired an undisclosed stake in Bitstamp from crypto enterprise capital Pantera. Galaxy Digital Holdings, who suggested Pantera on the deal through the first quarter of the 12 months, disclosed the information earlier this month.

“Like Ripple, Bitstamp has a protracted and established historical past within the crypto business. They’re a trusted and main trade, notably of their enterprise-grade and institutional choices,” Lengthy stated. “They’ve been a invaluable associate to Ripple, and as such we had been excited on the alternative to put money into their enterprise and deepen our partnership.”

Ripple works with a number of crypto exchanges globally, together with Bitstamp, to make its funds product extra helpful with options corresponding to fiat on/off ramps and crypto custody service integration, Lengthy stated. Jean-Baptiste Graftieaux, CEO of Bitstamp, advised The Block that Ripple and Bitstamp have had a partnership since 2017.

“We’re delighted to take this subsequent step to have the ability to make investments collectively in making the way forward for crypto much more safe, dependable, and accessible to establishments the world over,” Graftieaux stated.

Bitstamp is the fifteenth largest spot crypto trade on the planet by buying and selling volumes, in line with The Block’s Information Dashboard.

Ripple has been on a shopping for spree recently. Earlier this month, the crypto funds firm acquired Switzerland-based crypto custody startup Metaco for $250 million.

The latest offers come as Ripple continues to be locked in a years-long feud with the U.S. Securities and Trade Fee. In 2020, the SEC accused Ripple of elevating $1.3 billion by the sale of the XRP token, and in addition sued CEO Garlinghouse and co-founder Christian Larsen. A call from a federal decide settling the dispute may come as quickly as the primary half of this 12 months.