The San Francisco-based blockchain firm, Ripple has taken an undisclosed minority stake within the cryptocurrency trade, Bitstamp within the first quarter of this 12 months, in response to the newest transcript of Galaxy Digital’s shareholder convention name.
Ripple acquired the stakes from Pantera Capital, a US-based digital asset funding agency, and Galaxy Digital suggested on the deal.
“On the back of a record year for our investment banking team, we advised Pantera, a leading blockchain asset management firm on the sale of its stake in European digital asset exchange Bitstamp to Ripple Labs in Q1,” the assembly’s transcript famous.
“Executing on a deal with this complexity, post-FTX, reinforces our position as a leading investment bank for digital assets with unparalleled sector knowledge and execution acumen, and the investment banking teams pipeline remains strong with a dozen active mandates being pursued right now by the team.”
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Note that Bitstamp did put EUR on the XRPL in January. So Pantera bought Bitstamp fairness to Ripple.
Were there different suitors or did Pantera know Ripple wished Bitstamp? Why did they know that? Seems a whole lot of backroom negotiating concerned; relationships.https://t.co/SaqgJDrjSHhttps://t.co/lprO2A4bc1
— WrathofKahneman (@WKahneman) May 24, 2023
A Strategic Investment?
Bitstamp is without doubt one of the oldest cryptocurrency buying and selling venues, established in 2011. Headquartered in Luxembourg, it is without doubt one of the prime ten sport crypto exchanges and dealt with $171 million in buying and selling volumes up to now 24 hours, as seen on Coinmarketcap.com.
In addition, it is without doubt one of the prime platforms to commerce XRP tokens, the native cryptocurrency of Ripple. XRP is the second most-traded cryptocurrency on Bitstamp, following Bitcoin. On prime of that, it’s the second-largest XRP market, solely behind Binance, the most important crypto trade by way of buying and selling quantity.
Pantera invested $10 million in Bitstamp in 2014. It remained the most important shareholder in Bitstamp till 2018, when acquired by Belgium-based funding agency NXMH acquired the crypto trade in an all-cash deal at a valuation of $60 million. Moreover, Pantera bought its stake in Bitstamp to NXMH earlier.
Neither Ripple nor Pantera didn’t disclose the closed deal formally. Also, the monetary phrases of the Bitstamp deal stay unknown.
Meanwhile, Bitstamp continues its enlargement efforts inside Europe and obtained registration in Spain and Italy final 12 months. Furthermore, the trade appointed JB Graftieaux because the CEO final May and made just a few different administration adjustments.
Gate.io in Hong Kong; CFI’s new workplace; learn in the present day’s information nuggets.
The San Francisco-based blockchain firm, Ripple has taken an undisclosed minority stake within the cryptocurrency trade, Bitstamp within the first quarter of this 12 months, in response to the newest transcript of Galaxy Digital’s shareholder convention name.
Ripple acquired the stakes from Pantera Capital, a US-based digital asset funding agency, and Galaxy Digital suggested on the deal.
“On the back of a record year for our investment banking team, we advised Pantera, a leading blockchain asset management firm on the sale of its stake in European digital asset exchange Bitstamp to Ripple Labs in Q1,” the assembly’s transcript famous.
“Executing on a deal with this complexity, post-FTX, reinforces our position as a leading investment bank for digital assets with unparalleled sector knowledge and execution acumen, and the investment banking teams pipeline remains strong with a dozen active mandates being pursued right now by the team.”
Keep Reading
Note that Bitstamp did put EUR on the XRPL in January. So Pantera bought Bitstamp fairness to Ripple.
Were there different suitors or did Pantera know Ripple wished Bitstamp? Why did they know that? Seems a whole lot of backroom negotiating concerned; relationships.https://t.co/SaqgJDrjSHhttps://t.co/lprO2A4bc1
— WrathofKahneman (@WKahneman) May 24, 2023
A Strategic Investment?
Bitstamp is without doubt one of the oldest cryptocurrency buying and selling venues, established in 2011. Headquartered in Luxembourg, it is without doubt one of the prime ten sport crypto exchanges and dealt with $171 million in buying and selling volumes up to now 24 hours, as seen on Coinmarketcap.com.
In addition, it is without doubt one of the prime platforms to commerce XRP tokens, the native cryptocurrency of Ripple. XRP is the second most-traded cryptocurrency on Bitstamp, following Bitcoin. On prime of that, it’s the second-largest XRP market, solely behind Binance, the most important crypto trade by way of buying and selling quantity.
Pantera invested $10 million in Bitstamp in 2014. It remained the most important shareholder in Bitstamp till 2018, when acquired by Belgium-based funding agency NXMH acquired the crypto trade in an all-cash deal at a valuation of $60 million. Moreover, Pantera bought its stake in Bitstamp to NXMH earlier.
Neither Ripple nor Pantera didn’t disclose the closed deal formally. Also, the monetary phrases of the Bitstamp deal stay unknown.
Meanwhile, Bitstamp continues its enlargement efforts inside Europe and obtained registration in Spain and Italy final 12 months. Furthermore, the trade appointed JB Graftieaux because the CEO final May and made just a few different administration adjustments.
Gate.io in Hong Kong; CFI’s new workplace; learn in the present day’s information nuggets.
