Robinhood’s $200 million Bitstamp acquisition aims to expand global crypto footprint
Robinhood’s $200 million Bitstamp acquisition objectives to expand world crypto footprint Robinhood’s $200 million Bitstamp acquisition objectives to expand world crypto footprint
The acquisition will strengthen Robinhood's position in the crypto market and help navigate regulatory hurdles in the US and in yet another country.
Quilt art/illustration via CryptoSlate. Image contains mixed enlighten that can even comprise AI-generated enlighten.
Robinhood has announced its agreement to invent world crypto replace Bitstamp for roughly $200 million in money. The acquisition, topic to regulatory approvals and current closing prerequisites, is predicted to be finalized in the first half of of 2025. Barclays and Galaxy Digital Partners were irregular monetary advisors to Robinhood and Bitstamp, respectively.
Bitstamp, primarily based in 2011, operates in a lot of areas, collectively with Luxembourg, the UK, Slovenia, Singapore, and the US. The replace holds over 50 active licenses and registrations globally, which is ready to be a serious reason at the support of the transfer to mercurial-observe regulatory hurdles as Robinhood looks to expand its choices. This acquisition will vastly strengthen Robinhood Crypto’s world footprint, bringing in customers from the EU, UK, US, and Asia.
Robinhood CEO Vlad Tenev knowledgeable CNBC final month, following its Wells Observe from the SEC, that it had struggled to navigate US regulatory requirements.
âWe tried to invent what we call a quite a bit of cause dealer-dealer for transacting in crypto assets⦠Unfortunately, a certain path forward with the SEC never emerged, and they did no longer reciprocate our efforts.â
The acquisition is designed to enhance Robinhood’s position in the crypto market and diagram in institutional potentialities with sleek product choices. Bitstamp’s institutional servicesâcollectively with white-heed alternate choices, institutional lending, and stakingâwill likely be constructed-in into Robinhood’s ecosystem, creating a comprehensive suite of crypto products. Moreover, Bitstamp’s core set replace, which functions over 85 tradable resources, will additional strengthen Robinhood’s crypto choices.
Johann Kerbrat, General Supervisor of Robinhood Crypto, emphasized that the acquisition is a strategic transfer to grow their crypto replace, leveraging Bitstamp’s established repute and resilient market presence. JB Graftieaux, CEO of Bitstamp, highlighted that the mix will strengthen users’ trading abilities whereas affirming a solid commitment to compliance, security, and customer-centricity.
The acquisition is predicted to introduce Robinhood’s first institutional replace, leveraging Bitstamp’s platform and abilities. This strategic combination positions Robinhood to expand its footprint open air the US and welcome institutional customers, fostering collaboration, innovation, and files sharing across continents.
Mentioned listed right here
Liam 'Akiba' Wright
Is also customarily known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the aptitude to invent popular certain commerce.
Info Desk
CryptoSlate is a comprehensive and contextualized source for crypto files, insights, and files. Specializing in Bitcoin, macro, DeFi and AI.
Latest US Studies
Listed right here
Robinhood
Robinhood is an American monetary products and services company headquartered in Menlo Park, California that modified into as soon as primarily based in April 2013 by Vladimir Tenev and Baiju Bhatt.
Bitstamp
Bitstamp is a European-primarily based entirely cryptocurrency marketplace that lets in of us from at some level of the sector to buy and promote cryptocurrencies.
Source credit : cryptoslate.com
