As a seasoned crypto investor with a keen interest in the market’s latest developments, I find the news of Robinhood acquiring Bitstamp and potentially working with Ripple an intriguing development. The acquisition marks Robinhood’s intent to expand its reach beyond US borders and tap into Europe and Asia’s growing crypto markets. This move comes hot on the heels of Ripple’s acquisition of a stake in Bitstamp and crypto custody firm Metaco, sparking speculation of potential collaboration between the two companies.
As a researcher studying the latest developments in the XRP news sphere, I’m excited to share that Robinhood Markets, a trailblazing commission-free investing firm, has announced its intention to acquire Bitstamp, a leading crypto exchange, for approximately $200 million. This strategic move is aimed at accelerating Robinhood’s expansion beyond the United States, as Bitstamp enjoys significant popularity in Europe and Asia.
Robinhood announced its intention to onboard established institutional businesses, positioning them as trustworthy partners. The acquisition process is projected to be finalized during the initial phase of 2025, assuming all necessary conditions are met and regulatory approval is granted.
Robinhood To Work With Ripple
Last year, Ripple obtained a significant share of cryptocurrency exchange Bitstamp from Pantera Capital, surprising many in the industry. Additionally, Ripple invested $250 million in acquiring crypto custody firm Metaco. According to Ripple’s president Monica Long, this strategic move will help expand Ripple’s reach beyond payments and bolster its global presence.
The crypto community recalls Ripple’s past purchase of undisclosed Bitstamp shares, as Robinhood announces its acquisition of the exchange. This revives rumors of a potential collaboration between the two companies, perhaps leading to the listing of XRP on Robinhood.
As an analyst, I’d rephrase it as follows: I’ve observed that Bitstamp currently supports several stablecoins on the XRP Ledger. Consequently, Robinhood possesses the underlying technology to facilitate listing of XRP Ledger-issued tokens. These tokens serve multiple purposes, including facilitating cross-currency transactions and being tradable in decentralized exchanges.
XRP Price Action Amid the News
Brad Garlinghouse, the CEO of Ripple, and Monica Long, its president, express strong faith in the potential approval of an XRP Exchange-Traded Fund (ETF) and the development of a stablecoin tied to XRP. They emphasize that XRP stands out among cryptocurrencies due to its regulatory transparency.
In the past 24 hours, XRP‘s price has remained relatively stable, hovering around $0.526. The lowest point during this period was $0.522, while the highest reached $0.530. Notably, trading volume has decreased by approximately 12% compared to the previous day. On the derivatives front, there were contrasting movements, as the total open interest in XRP futures contracts surpassed 1% expansion.
As a researcher following the Ripple vs SEC legal battle closely, I’m excitedly anticipating Judge Torres’ ruling in the remedies phase. This upcoming decision could pave the way for a clearer direction and potential outcome in this landmark case. The XRP community is eagerly awaiting this development.
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2024-06-06 16:12