Zero Fee Trading Platform Robinhood Has Announced its decision to acquire major cryptocurrency exchange Bitstamp for $200 million.
Zero Fee Trading Platform Robinhood Has Announced its decision to acquire major cryptocurrency exchange Bitstamp for $200 million.
According to an announcement Thursday, the acquisition deal will help its expansion efforts outside the United States. Robinhood will be able to leverage Bitstamp’s collection of active licenses and registrations around the world.
The deal, which is still subject to regulatory approvals, is expected to close in the first part of next year.
Bitstamp, which started operating in 2011, is one of the oldest and most reputable cryptocurrency exchanges. The Luxembourg-based exchange is known for its strong regulatory compliance and strict listing rules.
After gaining popularity among retail traders, Robinhood now also intends to serve institutional clients after the recent deal with Bitstamp. The newly acquired European exchange offers a number of institutional-grade services that will help Robinhood accelerate its efforts.
Johann Kerbrat, CEO of Robinhood Crypto, has noted that Bitstamp has “one of the strongest reputations” among retail investors and sophisticated institutions.
