Robinhood Markets plans to acquire the Bitstamp cryptocurrency exchange.
The mentioned deal will cost $200 million. The press release of the future owner of the cryptocurrency exchange, published on Thursday, June 6, notes that the implementation of the specified deal will significantly accelerate the business expansion of Robinhood Crypto around the world.
Currently, Bitstamp has more than 50 valid licenses and registrations in different countries. This circumstance is expected to enable Robinhood to gain customers in the United States, the European Union, Asia, and the United Kingdom.
Bitstamp is based in Luxembourg. The press release underlined that the acquisition of the cryptocurrency exchange marks Robinhood’s first institutional business. The company will also gain access to other Bitstamp institutional offerings, such as white-label solution Bitstamp-as-a-service, institutional lending, and staking.
Johann Kerbrat, general manager of Robinhood Crypto, says that the announced deal is an important step in the growth of the company’s crypto business. Also in this context, it was noted that Bitstamp has been operating on the market for a long time and enjoys great confidence. Johann Kerbrat separately underlined that the crypto exchange has demonstrated resilience through market cycles.
Bitstamp has one of the strongest reputations among retail and institutional crypto investors as a result of the harmonious combination of a high level of customer service and security in different geographies.
Added Bitstamp CEO JB Graftieaux stated that the introduction of this platform and expertise into the Robinhood ecosystem will provide users with an enhanced trading experience with a constant commitment to compliance, security, and customer-centricity.
As we have reported earlier, Robinhood Launches Credit Card for Its Gold Members.
