Categories: Business

Robinhood agrees $200M deal for crypto exchange Bitstamp


Share this article

Popular trading platform Robinhood Markets announced on Thursday that it is acquiring Bitstamp, the leading UK-based regulated crypto exchange. The cost of the acquisition is around $200 million and the acquisition is Robinhood’s largest deal to date.

Established in 2011, Bitstamp is a familiar name among crypto investors worldwide. The exchange has a strong presence in Europe and Asia, offering over 85 tradeable assets and features such as staking and lending. It is also one of the most trusted platforms with 50 active licenses and registrations worldwide.

“The acquisition of Bitstamp is a major step in growing our crypto business. Bitstamp’s highly trusted and long-standing global exchange has shown resilience through market cycles,” stated Johann Kerbrat, Vice President and General Manager of Robinhood Crypto.

With the latest acquisition, Robinhood aims to become a full-fledged financial services provider and compete with giants like Coinbase and Binance. Bitstamp will be Robinhood’s first institutional business.

“Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood,” said Kerbrat.

“Bringing Bitstamp’s platform and expertise into Robinhood’s ecosystem will give users an enhanced trading experience with a continuing commitment to compliance, security, and customer-centricity,” said JB Graftieaux, CEO of Bitstamp.

Expected to be completed in the first half of 2025, the acquisition comes amid a period of rapid growth for Robinhood’s crypto division, although it faces regulatory challenges in the US.

Robinhood Crypto received a Wells Notice from the US Securities and Exchange Commission (SEC) last month. The SEC has alleged that Robinhood is operating an unregistered exchange by allowing the sale of certain crypto tokens considered investment securities.

Robinhood’s chief legal officer, Dan Gallagher, expressed disappointment at the SEC’s decision to issue a warning and asserted that the assets listed on Robinhood are not securities.

Despite the ongoing challenges, Robinhood said it would maintain a cooperative relationship with regulators.

Share this article



Source link

CryptoCanada

Share
Published by
CryptoCanada

Recent Posts

Current Altcoin Bear Cycle is the Longest Ever – What’s Next?

While Bitcoin has reached new all-time highs, altcoins haven’t even started their bullish cycle. In…

15 hours ago

Market Expert Says Ripple Vs. SEC Lawsuit Is In Final Chapter, Here’s Why

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Market expert…

15 hours ago

Morpho and Gelato launch simple loans using crypto as collateral

Users across several blockchains can now take non-custodial, crypto-backed loans in just days, the two…

15 hours ago

Why Utility Will Decide Bitcoin’s Next Bull Run

Bitcoin’s price has been anything but steady over the years. Hype, speculation, and investor sentiment…

16 hours ago

XRP Price Completes Bearish Retest As Macro Signals Point To $2.65

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Crypto analyst…

3 days ago

Bitcoin Taker Sell Volume Surges On Price Breakdown – Market Shows Signs Of Oversold Bounce

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Bitcoin is…

3 days ago