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- Robinhood has presented the acquisition of Bitstamp for $200 million
- The aquire represents one other step into the crypto world by the company
- Bitstamp has licenses in over 50 nations
Robinhood has presented its acquisition of European cryptocurrency change Bitstamp for $200 million, signaling a significant step within the US retail broker’s expansion into the international digital asset market. The California-basically based company revealed on Thursday that purchasing even handed one of the area’s oldest cryptocurrency exchanges will designate its initial challenge into focused on institutional traders. Following the news, Robinhood’s shares surged by 5.4%, reaching their best ranges since December 2021.
Robinhood Takes Greater Step into Crypto
Robinhood has been making right inroads into the crypto marketplace for the reason that flip of the last decade, becoming a highlight of the trading frenzy in January 2021, a length which practically overwhelmed the company and necessitated funding from shareholders to stabilize its funds.
Since then, Robinhood has had ambitions to leverage the rising query for digital belongings into diversifying its choices past memecoins by expanding into credit playing cards and now cryptocurrency.
Elder Statesman Calls Time
Bitstamp is even handed one of the oldest exchanges within the crypto diagram, having been founded in 2011, and has been busy amassing the roughly regulatory licenses that enchantment to elevated companies purchasing for a handy e-book a rough, gorgeous entry level into the market.
Johann Kerbrat, general supervisor of Robinhood Crypto, stated of the scamper, “The acquisition of Bitstamp is a important step in rising our crypto commercial. Thru this strategic combination, we are larger positioned to amplify our footprint commence air of the US and welcome institutional customers.”
Closing year, digital tokens accounted for 17% of Robinhood’s transaction-basically based revenues. The corporate has been intensifying its crypto initiatives, offering trading to European Union customers starting this December.
Bitstamp is the 16th greatest crypto change by trading volume, in conserving with CoinMarketCap, and affords services and products to both retail and institutional traders, including cryptocurrency trading, lending, and staking. The change boasts over 50 licenses and registrations worldwide, including within the UK, in wich Robinhood does no longer currently have a presence.
