Cryptocurrency exchange Robinhood has announced that it will acquire fellow crypto exchange Bitstamp in a $200 million cash deal. The development has led to online speculation if Ripple’s XRP will finally make its way into Robinhood, given that Bitstamp is an XRP Ledger-friendly platform.
The acquisition deal will integrate Bitstamp’s operations into Robinhood. Moreover, the acquisition is expected to be completed in the first half of 2025. Bitstamp’s operations include clients from Asia, the United States, the United Kingdom, and the European Union.
Also Read: Ripple: 2.4B XRP Traded as Price Attempts Breakthrough at $0.53
According to Johann Kerbrat, General Manager of Robinhood, ‘The acquisition of Bitstamp is a major step in growing our crypto business. Bitstamp’s highly trusted and long-standing global exchange has shown resilience through market cycles. By seamlessly coupling customer experience with safety across geographies, the Bitstamp team has established one of the strongest reputations across retail and institutional crypto investors.’
Since Bitstamp facilitates trading of Ripple’s XRP token, the practice may continue after Robinhood’s acquisition. However, some have said that the exchange may delist the token from Bitstamp’s platform when the deal is complete.
Will Ripple’s XRP rally if listed on Robinhood?
Robinhood is one of the most popular crypto exchanges in the world. The platform has around 23.9 million funded customers, and 13.7 million monthly active users. If the exchange lists XRP, the asset may witness a significant increase in adoption and consequently its price.
However, Ripple’s ongoing lawsuit with the SEC (Securities and Exchange Commission) may create barriers to XRP’s growth. Robinhood may not list the token until the lawsuit is dealt with.
Also Read: Ripple: XRP Forms An Inverted Hammer: Here’s When It Will Hit $0.75
Last year, a US district court ruled partially in favor of Ripple. The court said that selling XRP to retail clients did not breach securities laws. However, the lawsuit has now entered the high court, and investors are awaiting a verdict.