Altcoin
Bitstamp to Launch Derivatives Exchange In Cooperation With Ripple
Crypto exchange Bitstamp has revealed plans to launch crypto derivatives exchange in a few months. The crypto exchange, which is to be acquired by commission-free trading platform Robinhood, highlights the plan to continue working in close collaboration with Ripple including for the crypto derivatives exchange.
Ripple in Spotlight for Bitstamp’s Crypto Derivatives Exchange Plan
Eva Gartner, Head of Strategic Partnerships and Corporate Development at Bitstamp, on the BuiltOnXRPL series disclosed that they will launch its derivatives exchange in the next few months.
Gartner added that they are most excited about the launch and plan to cooperate closely with Ripple. The payment firm Ripple Labs has been in strategic collaboration with the world’s longest-established crypto exchange. Notably, Ripple acquired a stake in Bitstamp from Pantera last year.
“We are launching our own derivatives exchange in the next few months, so that’s something we are most excited about and really hope to cooperate closely with Ripple there as well.”
Bitstamp is seeing growing demand for fast cross-border payments using Ripple Labs’ decentralized public blockchain XRP Ledger (XRPL). Bitstamp already has several stablecoins already issued on the XRP Ledger.
Robinhood’s acquisition of the exchange is expected to be completed in early 2025. People familiar with the matter earlier said Robinhood plans to offer crypto futures with Bitstamp. It wants to attract retail and institutional customers across the EU, UK, the US, and Asia.
Impact on XRP Price
Bitstamp’s executive added that 30 commercial banks will offer crypto through Bitstamp as a service. This will boost XRPL and XRP adoption.
In addition, Ripple CEO Brad Garlinghouse unveiled that they are working on RLUSD stablecoin launch, expanding partnerships with banks including SBI Group, and promoting XRPL as the ideal blockchain for RWA tokenization. The increase in XRP adoption may boost XRP price.
XRP price jumped 3% in the past 24 hours and 11% in a week, with the price currently trading at $0.586. The 24-hour low and high are $0.566 and $0.591, respectively. However, the trading volume has decreased by 20% in the last 24 hours.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: