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HomeCrypto NewsMarketRipple Purchases Bitstamp Shares as Growth Efforts Intensify

Ripple Purchases Bitstamp Shares as Growth Efforts Intensify


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Ripple continues to intensify efforts toward growth and expansion, with recent reports suggesting the purchase of Bitstamp shares initially held by Pantera.

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Ripple has purchased the Bitstamp shares previously owned by Pantera Capital, an American investment firm specializing in digital assets and digital asset-focused companies. This strategic move reflects Ripple’s strong drive for expansion, evident through its ongoing growth-oriented endeavors.

Investment management firm Galaxy Digital Holdings recently disclosed the development in its latest quarterly report. Per the report, Galaxy Digital advised Pantera to sell off its Bitstamp shares to Ripple in the first quarter of this year. President and CIO of Galaxy Digital, Christopher Ferraro, also highlighted the move in a shareholder update conference call this month.

Notably, per a Bloomberg report in 2014, Pantera Capital made a substantial investment of up to $10 million in Bitstamp in 2013, just before the UK-headquartered exchange gained significant recognition. However, Pantera has sold its shares to Ripple after a decade. The exact reason for the sale remains uncertain, as pointed out by WrathofKahneman, a notable influencer within the XRP community.

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Highlighting the purchase, WrathofKahneman brought attention to Galaxy Digital’s perspective, stating that the sale is not viewed as an acquisition. This has raised speculation about whether Ripple strategically moved to strengthen its Liquidity Hub (LH) solution or serve On-Demand Liquidity (ODL) objectives.

Significantly, it should be noted that Bitstamp continues to be one of Ripple’s longstanding partners for On-Demand Liquidity (ODL). Additionally, as highlighted by The Crypto Basic in previous reports, Bitstamp recently expanded its services on the XRP Ledger by integrating EUR-backed IOUs into the network in January.

The Bitstamp equity purchase signifies another strategic move by Ripple to strengthen its offerings, although specific details on the purchase target are currently limited. Recall that Ripple recently acquired digital asset custody firm Metaco to expand into the custody and tokenization industry.

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In previous statements, Brad Garlinghouse, the CEO of Ripple, revealed that the company holds up to $1 billion in reserves that can be utilized for these expansion initiatives. The firm has continued to aim for growth despite its long-standing legal tussle with the US SEC.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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