The fintech startup Ripple has become the owner of a minority stake in the cryptocurrency exchange Bitstamp. The seller was Pantera Capital, according to Galaxy Digital, which acted as intermediary in the deal.
According to the venture firm, the agreements were reached in the first quarter of 2023.
The terms were not disclosed.
9 May 2023, Galaxy Digital in a press release on first-quarter results said that it had become Pantera Capital’s adviser regarding a potential sale of its stake in Bitstamp to Ripple Labs.
The venture firm invested $10 million in the Bitcoin exchange in March 2014. The size of the stake and its value were not disclosed.
In May 2023, the fintech startup announced the acquisition of custodian Metaco. As a result of the purchase, Ripple will be able to offer clients tools for custody, issuance and settlement of tokenized assets.
A month earlier Bitstampunveiled a coin-lending service targeted at certain markets in Europe, Hong Kong and the UAE.