News
Robinhood Acquires Tech Infrastructure to List Tokens Issued by XRP Registry
XRP News: Commission-free investment company Robinhood Markets acquire cryptocurrency exchange Bitstamp for $200 million, expanding its push to grow extremely rapidly outside the United States. Bitstamp is one of the largest and most popular cryptocurrency exchanges in Europe and Asia.
Robin Hood said it will bring reliable and reputable institutional businesses to Robinhood. The acquisition is expected to be completed in the first half of 2025, subject to conditions and regulatory approval.
Robinhood will work with Ripple
Ripple acquired a stake in cryptocurrency exchange Bitstamp from Pantera last year, shocking the industry as it also acquired the cryptocurrency custodian Metaco
for 250 million dollars. Ripple President Monica Long said the company’s acquisition of Bitstamp’s stake is an important move to help grow its global presence and go beyond payments.
Robinhood’s acquisition of Bitstamp brings to mind Ripple’s acquisition of an undisclosed amount of shares in the cryptocurrency exchange, the crypto community said. This has sparked speculation about Robinhood and Ripple collaborating on many aspects, including the listing of XRP on Robinhood.
Bitstamp already has several stablecoins already issued on the XRP Ledger. This makes Robinhood indirectly have the technological infrastructure to list the tokens issued by the XRP Ledger. The tokens are used for cross-currency payments and can be traded on the decentralized exchange.
Read also: ECB Cuts Rates Signaling Impending Crypto Rally, Will US Fed Follow Suit?
XRP Price Action In The News
Brad Garlinghouse, CEO and president of Ripple Monica Lungo are bullish on an XRP ETF and a stablecoin, highlighting XRP as one of the cryptocurrencies with regulatory clarity.
XRP Price trading sideways over the past 24 hours, with the price currently trading at $0.526. The 24-hour low and high are $0.522 and $0.530, respectively. Furthermore, trading volume has decreased slightly over the past 24 hours. The derivatives market has witnessed mixed trading over the past 24 hours, with total open interest in XRP futures rising more than 1%.
The XRP Army is currently awaiting a final ruling Judge Torres in the remedies phase, establishing the basis and direction for a verdict in the Ripple v. SEC case. It will also significantly affect the XRP price.
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Varinder has 10 years of experience in the Fintech industry, with over 5 years dedicated to blockchain, cryptocurrency and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000 news stories, articles and documents. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the cryptocurrency industry.