Bitstamp is set to launch a derivatives exchange on the XRP Ledger, aiming to collaborate closely with Ripple and drive crypto adoption.
Gartner disclosed the initiative in the eleventh episode of the “Built on XRPL” series. Gartner stated at the series that Bitstamp will introduce the derivatives exchange in the coming months and expressed his desire to work closely with Ripple.
Furthermore, the Bitstamp executive expressed enthusiasm for the forthcoming derivatives exchange, implying that the platform has the potential to accelerate the adoption of cryptocurrencies.
XRPL will power Bitstamp’s Derivatives Exchange
It is important to note that Bitstamp is anticipated to introduce the derivatives exchange on the XRP Ledger (XRPL) blockchain, as confirmed by numerous sources, including Abdullah Nassif, the Good Morning Crypto podcast presenter.
Nassif has stated that Bitstamp will construct the derivatives exchange on the XRPL in partnership with Ripple. Bitstamp has utilized the XRP Ledger to introduce various crypto-related products, such as stablecoins. This is particularly noteworthy.
At present, Bitstamp has issued numerous stablecoins that are linked to the USD, GBP, EUR, AUD, JPY, and CHF on XRPL.
The Relationship Between Bitstamp and Ripple
Additionally, Bitstamp has maintained a close partnership with Ripple for approximately seven years. Ripple strengthened this partnership by acquiring a minority stake in the company last year, following acquiring shares previously owned by Pantera Capital.
Robinhood is advocating for XRP as it approaches the completion of its acquisition of Bitstamp.
In the interim, Robinhood is making substantial efforts to finalize its acquisition of Bitstamp. The transaction, estimated to be worth approximately $200 million, is anticipated to be finalized next year, provided that regulatory sanction is obtained.
Robinhood would attract more consumers, particularly institutional clients, in the United States, Asia, the European Union, and the United Kingdom as a result of the acquisition.
The acquisition is expected to be finalized next year, and crypto enthusiasts anticipate that Robinhood will maintain Bitstamp’s support for XRP and the XRPL. Robinhood has recently discreetly relisted XRP, a significant development in its efforts to support the XRPL ecosystem.
Nevertheless, XRP is currently accessible to Robinhood customers in the European Union. There is no official announcement regarding the trading platform’s intention to list XRP for its US consumers.
