Ripple logo and typgraphyRipple has allegedly withdrawn its investments from Tranglo, a cross-border payment hub, and Bitstamp, a crypto exchange. The data further shows that Ripple has also withdrawn its investments from MoneyGram International without offering substantial reasons for the move.
Also Read: The Bitcoin Fear and Greed Index plunges to its lowest since early 2023
Ripple, the crypto technology firm specializing in financial services and cross-border payments, has sold its stakes in Bitstamp and Tranglo. Crunchbase has already updated the two firms related to XRP Ledger and XRP as the main exits.
The reasons for Ripple’s exit remain unclear
Crunchbase revealed that Ripple has withdrawn its investments from Tranglo and Bitstamp. At the time of reporting, Ripple has not provided any reasons behind its withdrawal. However, the recent acquisition of Bitstamp by Robinhood in a $200 million deal could be one of the factors that impacted Ripple’s decision to exit these key investments.
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
The XRP issuer bought crypto exchange Bitstamp from Pantera Capital in 2023 for an undisclosed amount. Monica Long, the president of Ripple, said the purchase was a great move that would assist the firm in growing its global presence. Long added that the acquisition would help Ripple go beyond payments.
“So did Ripple exit Tranglo investment? Looks like it. Here is the paperwork about the Ripple employee working at Tranglo that returned to Ripple.”
Meanwhile, the XRP issuer’s exit from these firms has raised concerns and doubts in the crypto community. XRP community observers WrathofKahneman and Crypto Eri said that the information about Ripple’s exit requires further verification because the data is not available on other notable official sites.
However, WrathofKahneman offered some insights that seemed to confirm the news but still asked for official confirmation. Doubts and concerns were raised because the XRP issuer still mentions Tranglo on its official website, referring to it as a partner. As stated on its website, Ripple has a 40% stake in Tranglo.
The price of XRP holds steady
Crypto traders did not respond to the news about Ripple’s latest investment decisions instantly. The price of XRP rose by 2% in the last 24 hours to reach $0.532. XRP’s 24-hour high and low are at $0.539 and $0.521, respectively.
However, its trading volume on crypto exchanges has declined by 45% as a result of profit booking after experiencing an over 26% rally in just one week. The open interest of the total XRP futures increased by 1% to hit $1.37 billion after rising 19% last week.
From Zero to Web3 Pro: Your 90-Day Career Launch Plan
