Ripple president explains why the company acquired a stake in Bitstamp
Ripple president Monica Long said the company‘s recent stake acquisition in European crypto exchange Bitstamp will help further grow the company’s international presence and diversification beyond payments. “Ripple has a strong balance sheet and we are actively looking for opportunities to continue expanding the business outside of the U.S. and beyond payments, as we further solidify our global leadership position,” Long told The Block. The company acquired an undisclosed stake in Bitstamp from crypto venture capital Pantera. Galaxy Digital Holdings, who advised Pantera on the deal during the first quarter of the year, disclosed the news earlier this month. “Like Ripple, Bitstamp has a long and established history in the crypto industry. Theyre a trusted and leading exchange, particularly in their enterprise-grade and institutional offerings,” Long said. “They have been a valuable partner to Ripple, and as such we were excited at the opportunity to invest in their business and deepen our partnership.” Ripple works with several crypto exchanges globally, including Bitstamp, to make its payments product more useful with features such as fiat on/off ramps and crypto custody service integration, Long said. Jean-Baptiste Graftieaux, CEO of Bitstamp, told The Block that Ripple and Bitstamp have had a partnership since 2017. “Were delighted to