NewsletterRipple Exits Bitstamp And Tranglo: Crunchbase
Highlights
- Ripple apparently exited crypto exchange Bitstamp and cross-border payment hub Tranglo.
- Robinhood's recent acquisition of Bitstamp could probably be one of the factors, but industry raised concerns over Tranglo.
- XRP price eyes to hit $0.56 again amid support from derivatives traders.
Ripple, a leading crypto technology company in global payments and financial solutions, has exited its investments in crypto exchange Bitstamp and cross-border payment hub Tranglo. Crunchbase has updated both companies related to XRP and XRP Ledger among the most notable exits.
Ripple Withdraws Investments in Bitstamp and Tranglo
Crypto payments solutions firm Ripple has exited from crypto-related companies Bitstamp and Tranglo recently, according to recent data on the business information website Crunchbase.
With the exact reasons behind the exit from crypto exchange Bitstamp remains unclear, Robinhood’s recent $200 million acquisition of Bitstamp could probably be one of the factors. In fact, the acquisition sparked speculation of XRP listing on Robinhood.
Ripple acquired crypto exchange Bitstamp for an undisclosed amount from Pantera Capital last year. Ripple president Monica Long said the company’s stake acquisition in Bitstamp is a major move to help grow its global presence and go beyond payments.
Meanwhile, Tranglo listed among the companies Ripple exited raised doubts and concerns in the community. Notable XRP community experts including Crypto Eri and WrathofKahneman said that data needs further confirmation as the details are not available elsewhere. On Tuesday, new details shared by WrathofKahneman confirmed the exit.
3. So did #Ripple exit Tranglo investment?
Looks like it. Here is the paperwork about the Ripple employee working at Tranglo that returned to Ripple. https://t.co/d9qXZ0BO8A— WrathofKahneman (@WKahneman) July 15, 2024
Meanwhile, crypto technology company still mentions Tranglo as a partner on its website and follows it. Ripple held a 40% stake in the cross-border payment company Tranglo which utilizes XRP for on-demand liquidity.
Also Read: Bitcoin Soars Above $63000, Data Signals Rally Will Sustain For Longer
XRP Price in the Spotlight
Traders didn’t respond to the news immediately. XRP price jumped 2% in the past 24 hours, with the price currently trading at $0.532. The 24-hour low and high are $0.521 and $0.539, respectively. However, the trading volume has decreased by 45% due to profit booking after a more than 26% rally in a week.
Total XRP futures open interest soared 1% further to 1.27 billion after a 19% rise last week. Notably, investors are booking profits as expected as futures OI drops more than 1% on Binance.
Also Read: Binance Making Major Changes To Key Spot Pairs Amid Crypto Market Recovery
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