Financial technology company Ripple has reportedly divested its holdings in cryptocurrency exchange Bitstamp and cross-border payments platform Tranglo. This information comes from Crunchbase, a website that tracks business information and investment activity.
The reasons behind Ripple’s exit from Bitstamp remain unclear. Some speculate that Robinhood’s recent acquisition of Bitstamp for $200 million might be a contributing factor. This acquisition fueled rumors that XRP, Ripple’s native cryptocurrency, could soon be listed on Robinhood.
It’s worth noting that Ripple acquired Bitstamp itself last year for an undisclosed amount. At the time, Ripple president Monica Long emphasized the acquisition as a strategic move to expand Ripple’s global presence and influence beyond the payments sector.
Uncertainties Regarding Tranglo
The news of Ripple’s divestment from Tranglo has raised questions within the XRP community. Some prominent XRP figures, including Crypto Eri and WrathofKahneman, have expressed concerns about the accuracy of the information, as details haven’t been confirmed through other sources.
Ripple’s website still lists Tranglo as a partner and maintains them on their social media following. Previously, Ripple held a 40% stake in Tranglo, a company that leverages XRP to facilitate on-demand liquidity for cross-border payments.
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Market Reaction to Ripple’s Investment Activity
The news of Ripple’s divestments hasn’t caused any immediate significant price movements for XRP. The token has experienced a modest 1.06% increase in the past 24 hours, currently trading around $0.53.
On the futures market, total open interest for XRP has risen slightly to 1.27 billion, following a 19% increase last week. However, it’s important to note that some investors are taking profits with futures open interest dropping slightly on major exchange Binance.
The reason behind Ripple’s exits from Bitstamp and Tranglo is yet to be confirmed by the company. The investment activity has sparked discussion within the XRP community, with some questioning the accuracy of the Tranglo news and others speculating about the potential implications for XRP.
Regardless of the motivations behind these divestments, Ripple remains a key player in the financial technology landscape, and its future actions will undoubtedly continue to be of interest to investors and the broader cryptocurrency community.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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