Ripple frames Bitstamp purchase as diversification of its business

The acquisition of a stake in the bitcoin exchange Bitstamp will help Ripple broaden its global presence and move beyond payments, Monica Long, the fintech company’s president, said, The Block.

Recent news indicated Ripple’s purchase of Pantera Capital’s stake in Bitstamp. Galaxy Digital acted as intermediary. The parties reached an agreement in Q1 2023. Terms were not disclosed.

“Ripple has a strong balance sheet. We are actively seeking opportunities for expansion beyond the United States and beyond payments as we 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 have been a valuable partner for Ripple since 2017, according to Bitstamp’s CEO Jean-Baptiste Grafthie. We were glad for 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 fiat on- and off-ramping, as well as integrating custodial services.

Earlier, Ripple CEO Brad Garlinghouse said the company was considering purchasing assets from FTX. He also predicted a flight of crypto firms leaving the United States.

In May 2023, the firm announced the acquisition of the custodian Metaco. With this purchase, Ripple will be able to offer clients tools for custody, issuance, and settlement of tokenised assets.