Robinhood to launch crypto products in Singapore in 2025: report
- Robinhood will launch the crypto offerings to customers in Singapore via Bitstamp
- The retail investing firm acquired Bitstamp for $200 million in June 2024.
Robinhood, a popular retail investing platform, has revealed plans that could see it expand its crypto product offering to Singapore before the end of 2025.
In a report on Tuesday, Bloomberg said Robinhood Markets was eyeing the entry into Singapore via its recently acquired crypto platform Bitstamp.
Robinhoods expansion plans through its European-based digital-assets exchange will also include a foray across the Asia-Pacific region.
According to Robinhood Crypto VP and general manager Johann Kerbrat, the companys effort will involve local local regulators. While the platform has not offered a specific launch date, the expectation is that the crypto services and products will be available to Singaporean customers before the end of 2025.
Kerbrat shared the overall plan during an interview with Bloomberg News.
The Bitstamp deal
Robinhood announced its acquisition of the Luxembourg-based Bitstamp in June 2024, with the $200 million deal expected to close in the first half of 2025.
At the time of the initial announcement, Robinhoods plans were to leverage Bitstamps exchange technology to accelerate its global expansion. Bringing crypto products to users in Singapore is part of this goal.
In October last year, Robinhood Crypto unveiled crypto transfers for its customers in Europe. The update allowed EU users of the app to deposit and withdraw over 20 cryptocurrencies, including Bitcoin, Ethereum, Solana, and the USDC stablecoin.
Robinhoods business is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The company also holds the BitLicense from the New York State Department of Financial Services.
Meanwhile, Bitstamp has secured more than 50 regulatory approvals, with licenses in Singapore, the United Kingdom and the EU.
The post Robinhood to launch crypto products in Singapore in 2025: report appeared first on CoinJournal.
Read more: https://coinjournal.net/news/robinhood-to-launch-crypto-products-in-singapore-in-2025-report/
Text source: CoinJournal: Home
