• CoinStic
  • Posts
  • Ripple Withdraws Investments in Bitstamp, MoneyGram and Tranglo, According to Crunchbase

Ripple Withdraws Investments in Bitstamp, MoneyGram and Tranglo, According to Crunchbase

July 17, 2024

Ripple has exited its positions in the crypto exchange Bitstamp, the money transfer firm MoneyGram and the cross-border payments company Tranglo, according to data from Crunchbase.

Ripple acquired Pantera’s stake in Bitstamp in the first quarter of 2023, and the San Francisco payments company bought a 40% stake in Tranglo in 2021.

The firm also bought a $50 million equity stake in MoneyGram back in 2019. The deal was part of a partnership for foreign exchange settlements and cross-border payments.

MoneyGram paused that relationship in 2021 after the SEC sued Ripple in late 2020 for allegedly selling XRP as an unregistered security.

Last summer, US District Judge Analisa Torres ruled that Ripple’s automated, open-market sales of XRP, referred to as programmatic sales, did not constitute security offerings, contrary to what the SEC alleged.

The judge did, however, side with the SEC’s claim that Ripple’s sale of XRP directly to institutional buyers constituted a securities offering.

In March, the SEC asked the court to order the firm to pay $876,308,712 in disgorgement, $198,150,940 in prejudgment interest and a $876,308,712 civil penalty, a total of around $1.95 billion.

Ripple’s lawyers have argued that $10 million would reflect an appropriate percentage of the company’s actual gross revenues from pre-complaint institutional sales.

Crunchbase does not provide the dates Ripple sold its positions in the three firms.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price ActionFollow us on X, Facebook and TelegramSurf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.