Ripple sold its stakes in Bitstamp and Tranglo, surprising the crypto community.
Reason for the divestment remains unclear, with speculation surrounding the news.
Despite the news, XRP price held steady with high trading volume.
Ripple has reportedly divested its stakes in Bitstamp and Tranglo. This surprising move has left many in the crypto community speculating about the underlying reasons, as the company has not offered an explanation.
Based on data from Crunchbase, Ripple has sold its investments in Bitstamp, a popular cryptocurrency exchange, and Tranglo, a platform for international payments. These actions are reflected in updates on Crunchbase, which document these changes in Ripple’s portfolio. However, Ripple has not provided reasons for these strategic decisions.
Ripple’s departure from Bitstamp is particularly noteworthy in light of Bitstamp’s recent acquisition by Robinhood for $200 million.
This major transaction may potentially explain Ripple’s decision to sell its stake in the exchange. Ripple had originally acquired Bitstamp from Pantera Capital in 2023, aiming to expand its global footprint. At that time, Monica Long, Ripple’s president, described the purchase as a strategic move to enhance the firm’s capabilities beyond payments.
While the Robinhood acquisition may provide some context for Ripple’s exit from Bitstamp, the reasons for divesting from Tranglo remain unclear. Ripple owned a substantial 40% share in Tranglo, a partnership that was once prominently shown on Ripple’s official website. The XRP community has expressed concerns and engaged in speculation due to the lack of communication from Ripple.
Crunchbase updated Ripple investment EXITS.Bitstamp exit was probably due to the Robinhood acquisition, but surprised to see @Tranglo, where Ripple held a 40% stake in the cross-border payment company that utilized #XRP (ODL). Additional confirmation recommended. pic.twitter.com/dmEF8lIXpF
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) July 15, 2024
Notable observers like WrathofKahneman and Crypto Eri have highlighted the need for official confirmation and additional details about these exits. WrathofKahneman mentioned that despite some indications supporting the news, the absence of information on other reputable sites warrants further verification. The ongoing reference to Tranglo as a partner on Ripple’s website adds to the confusion.
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
Even though there’s uncertainty about Ripple’s investment choices, the market reaction has been muted. The price of XRP held steady at $0.6055 with a high trading volume on the last day. XRP rose by 10.33% in the past day and by a notable 37.50% in the past week.
The post Inside Ripple’s Strategic Shift: Bitstamp Sale, Tranglo Exit, and XRP’s Future appeared first on Coin Edition.
