In a bold move to enhance its global presence and accelerate its push into digital assets, trading app Robinhood has agreed to acquire crypto exchange Bitstamp for $200 million in cash.
Expanding Global Footprint
Founded in 2011, the UK-based Bitstamp boasts over 50 active licenses and registrations worldwide. This acquisition will enable Robinhood to tap into markets across the EU, UK, US, and Asia, positioning itself to compete with major exchanges like Coinbase.
Diversifying Offerings
Bitstamp’s core spot exchange, featuring over 85 tradable assets, along with products like staking and lending, will help Robinhood move beyond its retail base and attract institutional clients. Johann Kerbrat, GM of Robinhood Crypto, emphasized the strategic benefits: “Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood.”
Integration and Future Prospects
The Bitstamp team will join Robinhood upon the deal’s closure, expected in the first half of next year, pending closing conditions. This acquisition marks a significant step in Robinhood’s journey to becoming a global powerhouse in digital assets.
Explore more about the implications of this acquisition and Robinhood’s strategic moves in the crypto world on FinQfy.
