Ripple has partnered with Bitstamp, a leading cryptocurrency exchange, to promote global adoption of digital assets. This collaboration aims to make it easier for individuals and institutions to buy, sell, and hold cryptocurrencies.
Bitstamp has integrated Ripple's On-Demand Liquidity (ODL) solution, which enables instant cross-border payments in various currencies. This integration is expected to improve the efficiency and speed of transactions on the exchange.
Ripple's ODL solution uses XRP, the native cryptocurrency of the Ripple network, to facilitate transactions. By leveraging XRP's liquidity, Bitstamp can offer more competitive exchange rates and faster settlement times.
The partnership between Ripple and Bitstamp is a significant step towards increasing the adoption of cryptocurrencies globally.
Consider reading: Xrp Lawsuit Settlement Talks Ripple Labs
Ripple's Involvement with Bitstamp
Ripple Labs acquired a stake in Bitstamp from Pantera Capital, a US-based digital asset investment firm.
Ripple has been in a strategic collaboration with Bitstamp, the world's longest-established crypto exchange.
Bitstamp is planning to launch its derivatives exchange in the next few months, and they're excited about cooperating closely with Ripple.
Ripple acquired a stake in Bitstamp last year, and it's likely that Pantera knew Ripple wanted Bitstamp due to their existing partnership.
Bitstamp has already issued several stablecoins on the XRP Ledger, which is Ripple's decentralized public blockchain.
Ripple's acquisition of Bitstamp's stake from Pantera was advised by Galaxy Digital, a firm that specializes in digital assets.
Bitstamp's acquisition by Robinhood is expected to be completed in early 2025, and it's likely that Ripple will continue to play a significant role in the exchange's operations.
Bitstamp has seen growing demand for fast cross-border payments using Ripple's XRP Ledger, which suggests a strong partnership between the two companies.
Related reading: Xrp Sec Ripple Labs Lawsuit
Example XRP Transfer
To initiate an XRP transfer, you'll need the recipient's XRP wallet address and their destination tag if they store their XRP at Bitstamp.
The amount deducted from your wallet will be slightly higher than the amount you're sending due to transaction costs - 10 drops are destroyed in addition to the 20 XRP being sent.
A different take: Bitstamp Transfer to Wallet
If the recipient stores their XRP in a hardware wallet, no destination tag is required, and you only need to provide their wallet address and the amount of XRP you want to transfer.
You can send XRP to a friend's hardware wallet without a destination tag, and the funds will appear in their XRP wallet.
To get started with XRP, you'll need to register at a crypto exchange, such as Bitstamp, which allows you to trade traditional money for cryptocurrencies.
A different take: Bitstamp to Wallet
Frequently Asked Questions
Does Bitstamp support XRP?
Yes, Bitstamp is one of the exchanges that supports XRP trading. You can buy and sell XRP on Bitstamp along with other popular exchanges.
How do I withdraw XRP from Bitstamp?
To withdraw XRP from Bitstamp, go to the "Portfolio" screen and select "Withdraw" to initiate the process. Follow the on-screen instructions to complete the withdrawal.
Sources
- https://dailyhodl.com/2024/07/17/ripple-withdraws-investments-in-bitstamp-moneygram-and-tranglo-according-to-crunchbase/
- https://coingape.com/bitstamp-to-launch-derivatives-exchange-cooperation-with-ripple/
- https://www.blockhead.co/2024/10/16/ripple-launches-rlusd-stablecoin-on-uphold-bitstamp-bullish/
- https://www.bitstamp.net/learn/bitstamp-tutorials/how-to-send-and-receive-ripple-xrp/
- https://www.financemagnates.com/cryptocurrency/ripple-acquires-undisclosed-stake-in-crypto-exchange-bitstamp/
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