Taking another step on its journey to expand internationally, US fintech firm Ripple has bought shares in European crypto exchange Bitstamp.
Ripple has not yet disclosed anything about the transaction, which was revealed in Galaxy Digital’s Latest Quarterly ReportWhere Galaxy Said It Advised Crypto Hedge Funds pantera capital On the sale of Bitstamp shares to Ripple during the first quarter of this year.
Pantera Capital is led by prominent crypto investor Dan Morehead, and is one of the best-known crypto hedge funds in the US.
It is not known why Pantera Capital has chosen to sell its shares in Bitstamp.
Ripple CEO Brad Garlinghouse recently stated that his company is looking to expand further through acquisitions, and revealed that the firm plans to use over $1 billion in its reserves For this purpose.
“We have over US$1 billion of cash on our balance sheet, we are looking to grow this internally as well as inorganically through acquisitions,” Garlinghouse said on stage during the Dubai Fintech Summit.
At the time, he specifically pointed to countries like the UAE and Switzerland, which are “providing clarity for entrepreneurs to invest and which allows a company like Ripple, which is bigger, [to invest],
Buying shares in Bitstamp would align with Ripple’s goal of expanding internationally through its acquisition.
Ripple’s move was highlighted by Christopher Ferraro, president and chief investment officer of Galaxy Digital, during Galaxy’s earnings call on May 9. copy Call show.
The purchase of Bitstamp shares has sparked speculation within the community, with many questioning whether Ripple is looking to further develop its On-Demand Liquidity (ODL) offering, or focus on its Liquidity Hub (LH) solution .
Notably, an influencer known as Rathof Kahneman drew attention to the acquisition via a tweet, stressing that it should not be viewed simply as a stock purchase, but instead a strategic one. Must be seen through the lens.
“Also, Bitstamp is headquartered in London,” the influencer pointed out.