Global investment platform Robinhood broadens its horizons via a $200 million acquisition of Bitstamp, a prominent cryptocurrency exchange.
In a significant move, US-based trading platform Robinhood has announced the acquisition of UK-based crypto exchange company Bitstamp for $200 million. This move marks a significant step forward for Robinhood, as it aims to expand its global footprint and enter the institutional market.
Previously focusing primarily on retail traders, Robinhood is rapidly expanding into the crypto space over the past few years. With this acquisition, the company will broaden its horizons to include institutional customers.
Bitstamp, renowned for its transparency and trustworthiness, brings a wealth of experience to the table. The crypto platform boasts a core spot exchange platform with over 85 tradable assets, as well as products such as staking and lending. Bitstamp's retail and institutional clients hail from the EU, UK, US, and Asia, all set to become part of Robinhood's expanding business.
JB Graftieaux, CEO of Bitstamp, emphasized the long-running history of Bitstamp as the world's longest-running cryptocurrency exchange. He also highlighted the exchange's strong reputation among retail and institutional crypto investors.
The acquisition will see Bitstamp's team joining forces with Robinhood to collaborate on growing the business globally. Bitstamp's platform, known for its compliance, security, and customer-centricity, will be integrated into Robinhood's ecosystem.
Johann Kerbrat, General Manager of Robinhood Crypto, expressed his excitement about the acquisition, stating that Bitstamp's reputation is strong among retail and institutional crypto investors. He also emphasized that the acquisition will welcome institutional customers to Robinhood.
According to Kerbrat, this move will better position Robinhood for expansion outside the US. The acquisition is part of Robinhood's strategy to expand its global footprint.
The acquisition of Bitstamp by Robinhood is expected to provide a continued commitment to compliance, security, and customer-centricity. Bitstamp holds over 50 active licenses and registrations globally, ensuring a robust regulatory framework.
With this acquisition, Robinhood users can look forward to an enhanced trading experience, as the integration of Bitstamp's platform will bring new opportunities and assets to the platform. The acquisition of Bitstamp by Robinhood is a testament to the company's commitment to growth and innovation in the crypto space.
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