U.Today - Leading crypto payment firm Ripple has reportedly acquired a minority stake in Bitstamp, one of the oldest crypto exchanges, from Pantera Capital, a hedge fund specializing in cryptocurrencies. The transaction was disclosed in the first-quarter of Galaxy Digital, a crypto investment management firm, which was released in early May.
According to the report, Galaxy Digital stated that it advised Pantera on the sale of its stake in Bitstamp to Ripple Labs in the first quarter. This deal comes as Galaxy Digital's investment banking team achieved record success in the past year, solidifying its position as a leading investment bank for digital assets.
Bitstamp, Ripple and XRP
The acquisition is particularly interesting for members of the XRP community, who uncovered some intriguing details about the deal. They pointed out that Pantera Capital had early investments in both and Bitstamp.Moreover, Bitstamp previously served as a gateway for Ripple, facilitating entry into RippleNet. As a result, accounts for 30% of trading volume on Bitstamp, with the XRP/Euro pair being the most prominent. Bitstamp also holds the status of the second largest market for XRP, trailing only behind Binance.
To date, neither Ripple nor Bitstamp have provided any official comment regarding the event. While the purchase of a stake in the Luxembourg-listed exchange seems reasonable, the precise motives behind Ripple's investment remain unclear. It is speculated that Ripple's services, such as or ODL, could be closely tied to this strategic move. However, the exact details and implications of the acquisition will probably be revealed at a later date.