World Crypto Global
- Written by: Tareq Sikder
- Thu, 06 Jun 2024
- Israel
Robinhood Markets, Inc. has announced its agreement toacquire Bitstamp Ltd, a global cryptocurrency exchange. Founded in 2011,Bitstamp operates offices in Luxembourg, the UK, Slovenia, Singapore, and theUS.The acquisition is expected to expedite Robinhood Crypto'sglobal expansion. Bitstamp holds over 50 active licenses and registrationsworldwide, attracting customers from the EU, UK, US, and Asia to Robinhood'splatform.Entering Institutional Crypto RealmThis acquisition marks Robinhood's venture into theinstitutional business, leveraging Bitstamp's reputation for reliable tradeexecution, deep order books, and leading API connectivity. Bitstamp'sinstitutional offerings, including white label solution Bitstamp-as-a-service,institutional lending, and staking, will provide Robinhood with establishedrelationships and industry-leading products.Bitstamp's core spot exchange offers over 85 tradableassets, along with products like staking and lending, which will enhanceRobinhood's Crypto offering.As the worlds longest running cryptocurrency exchange,Bitstamp is known as one of the most-trusted and transparent crypto platformsworldwide, said JB Graftieaux, CEO of Bitstamp. Bringing Bitstamp's platformand expertise into Robinhoods ecosystem will give users an enhanced tradingexperience with a continuing commitment to compliance, security, andcustomer-centricity.Were accelerating Robinhood Cryptos worldwide expansion. Robinhood has officially entered into an agreement to acquire @Bitstamp, a global cryptocurrency exchange with customers across the EU, UK, US and Asia. More details: https://t.co/wk3x02z0rU pic.twitter.com/aadKzhCxlx Robinhood (@RobinhoodApp) June 6, 2024Pending Regulatory Green LightThe final deal consideration is expected to be approximately$200 million in cash, subject to customary purchase price adjustments. Theacquisition is pending regulatory approvals and other closing conditions, witha projected completion in the first half of 2025. Barclays Capital Inc. actedas the exclusive financial advisor to Robinhood, while Galaxy Digital PartnersLLC advised Bitstamp.By seamlessly coupling customerexperience with safety across geographies, the Bitstamp team has establishedone of the strongest reputations across retail and institutional cryptoinvestors," said Johann Kerbrat, General Manager of Robinhood Crypto.Through this strategic combination, we are better positioned to expand ourfootprint outside of the US and welcome institutional customers to Robinhood.This article was written by Tareq Sikder at www.financemagnates.com.
