Robinhood’s acquisition of crypto exchange Bitstamp gives the firm the infrastructure to list tokens issued by the XRP ledger, which Ripple also owns in Bitstamp.
XRP News: Commission-free investment firm Robinhood Markets is ramping up its push to grow exponentially outside the United States, acquiring crypto exchange Bitstamp for $200 million. Bitstamp is one of the largest and most popular crypto exchanges in Europe and Asia.
Robinhood said it will bring reliable and trusted institutional business to Robinhood. The acquisition is expected to be completed in the first half of 2025, subject to conditions and regulatory approvals.
Working with Robinhood Ripple
Ripple acquired a stake in crypto exchange Bitstamp from Pantera last year, shocking the industry as it also acquired crypto custody firm Metaco for $250 million. Ripple President Monica Long said the company’s acquisition of Bitstamp’s stake is an important move to help expand its global presence and expand beyond payments.
The crypto community said that Robinhood’s acquisition of Bitstamp is reminiscent of Ripple’s acquisition of an undisclosed amount of stake in the crypto exchange. This led to speculation of Robinhood and Ripple working together on several aspects, including the listing of XRP on Robinhood.
Bitstamp already has several stablecoins issued on the XRP ledger. This gives Robinhood indirect tech infrastructure to list the tokens issued by the XRP ledger. Tokens are used for cross-currency payments and can be traded on decentralized exchanges.
XRP Price Action Amid News
Ripple CEO Brad Garlinghouse and President Monica Long are confident about an XRP ETF and stablecoin, highlighting XRP as a crypto with regulatory clarity.
Along with the XRP price trading in the last 24 hours, the price is currently trading at $0.526. The 24-hour low and high are $0.522 and $0.530, respectively. Additionally, trading volume has decreased by 12% in the last 24 hours. The derivatives market saw mixed trading over the past 24 hours, with XRP futures up more than 1% overall.
The XRP Army is awaiting Judge Torres’ final ruling in the Remedies phase, setting the stage for a direction and possible decision in the Ripple v. SEC case.
