Ripple President Explains Reasons for Purchasing Stake in Bitstamp

Monica Long, President of Ripple, has said that the company’s recent acquisition of an undisclosed stake in European cryptocurrency platform Bitstamp is a step towards international expansion and diversification beyond payments.

Long went on to describe Bitstamp as a “valuable partner to Ripple,” who have provided features such as fiat on/off ramps and crypto custody service integration for the company’s payment product.

Jean-Baptiste Graftieaux, CEO of Bitstamp, has revealed that Ripple and Bitstamp have had a business relationship since 2017, commenting that both were “delighted to take this next step to be able to invest together in making the future of crypto even more secure, reliable, and accessible to institutions across the world.”

Bitstamp is currently the fifteenth largest crypto exchange in the world in terms of trading volumes.