Robinhood to Launch Crypto Services in Singapore This Year
Prominent financial service firm Robinhood is set to expand its crypto services to Singapore this year.The move marks a significant step in its international growth strategy. It follows the companys acquisition of the European crypto asset exchange Bitstamp in June 2024 for $200 million. Robinhood intends to leverage Bitstamps existing licenses and regulatory approvals in Singapore. These include an in-principle approval from the Monetary Authority of Singapore, the country's central bank, to facilitate its entry into the digital asset market in the region.Vice President of Robinhood Crypto Johann Kerbrat confirmed that the company plans to roll out crypto offerings with local regulatory guidance. However, the firm has not specified the exact launch date. This strategic expansion into Singapore comes as the country has positioned itself as a key hub for crypto assets businesses in the Asia-Pacific region.Expanding Beyond Singapore: Robinhoods Ambitious Plans for AsiaNotably, Singapore serves as the base for Robinhood's broader ambitions in Asia, where it plans to extend its trading offerings across the continent.The company has also announced plans to acquire brokerage clearances in the region. It hopes to compete against rivals such as Chinas Tiger Brokers, which are making strides in international markets.Robinhoods international expansion aligns with the companys broader strategy to diversify its portfolio as it continues to gain traction in the crypto market. In 2023, it introduced crypto trading in Europe. In addition to its crypto ventures, Robinhood recently launched U.S. equity options trading for U.K. customers.Meanwhile, in 2024, Robinhood partnered with crypto firms like Galaxy Digital and Kraken to introduce USDG stablecoin, which Paxos will administer outside Singapore.The companys continued success in the crypto market is evident from its impressive Q4 2024 earnings. Specifically, its revenue more than doubled to $1 billion, surpassing Wall Street expectations amid the rapid growth of its crypto offerings.
Text source: The Crypto Basic
