Ripple acquired VC Pantera‘s stake in Bitstamp earlier this year. The deal aims to strengthen the existing partnership between the US blockchain firm and the European crypto exchange.
The acquisition was revealed in a statement released by Galaxy earlier this month, indicating that Galaxy had advised Pantera on the sale of its stake to Ripple Labs.
“More broadly in our global markets business, following a record year for our investment banking team, we advised Pantera, a leading blockchain asset management company, on the sale of its stake in European digital asset exchange Bitstamp to Ripple Labs in Q1,” said Galaxy president and CIO Chris Ferraro.
For her part, Ripple president Monica Long said in an interview on TheBlock that the acquisition would enable Ripple to expand its international presence and diversify.
Monica Long did not disclose details of the transaction, but pointed out that Ripple and Bitstamp had already been partners for some time.
Bitstamp, one of the first players to offer crypto transactions, was founded in 2011, at a time when the crypto industry was still new to most people.
The platform currently operates in over a hundred countries and is among the top ten cryptocurrency exchanges in terms of transaction volume, according to data from CoinMarketCap. In the last 24 hours, Bitstamp recorded a transaction volume of $175,002,445.