Ripple explained the purchase of Bitstamp by business diversification

Ripple min
Ripple min

Acquiring a stake in bitcoin exchange Bitstamp will help Ripple expand its global footprint and go beyond payments. This was stated by the president of the fintech company Monica Long, writes The Block.

The other day it became known about the purchase of Ripple’s share of Pantera Capital in Bitstamp. Galaxy Digital acted as an intermediary. The parties reached an agreement in the first quarter of 2023. Terms are not disclosed.

“Ripple has a strong balance sheet. We are actively looking to expand beyond the US and beyond payments as we further strengthen our position as a global leader.” Long said.

According to her, Bitstamp has a long and established history in the crypto industry with a focus on corporate and institutional clients.

“They were a valuable partner for Ripple [c 2017 года, по данным CEO биржи Жана-Батиста Графтье]. We welcomed the opportunity to invest in their business and deepen our partnership.” she explained.

According to Long, Ripple works with several crypto platforms around the world. Partners help the company in a number of areas, including converting to fiat and vice versa, as well as in the integration of custodial services.

Earlier, Ripple CEO Brad Garlinghouse announced that he was considering buying FTX assets. He also predicted the flight of crypto companies from the United States.

Recall that in May 2023, the company announced the takeover of the custodian Metaco. Thanks to the purchase, Ripple will be able to offer customers tools for storing, issuing and settling with tokenized assets.

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