Ripple, the San Francisco-based blockchain payments firm, has reportedly acquired a stake in the European cryptocurrency exchange, Bitstamp.
According to Galaxy Digital’s First Quarter 2023 report, Ripple purchased shares of Bitstamp — one of the world’s oldest and most established crypto exchanges — which were previously held by crypto VC firm Pantera Capital.
Galaxy says it advised Pantera to sell its stake in Bistamp to Ripple in Q1. It’s unclear how much the acquisition cost Ripple.
Bitstamp is currently the seventh-largest cryptocurrency in terms of trading volume, with around $163 million worth of cryptocurrencies traded in the past 24 hours, according to CoinMarketCap.
This Ripple purchase deal comes as Galaxy Digital’s Investment banking team posted stellar growth in the past year, fortifying its position as a leading investment bank for digital assets post-FTX.