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Friday, June 7, 2024
HomeCryptoRobinhood acquired Bitstamp for $200 million

Robinhood acquired Bitstamp for $200 million

Spain gives Bitstamp the green light to trade digital currencies

Robinhood has announced plans to acquire UK-based cryptocurrency exchange Bitstamp for $200 million in cash. This strategic move is aimed at enhancing Robinhood’s global crypto presence and attracting institutional clients. The acquisition is expected to be completed in the first half of 2025, expanding Robinhood’s capabilities beyond the United States.

Founded in 2011, Bitstamp is one of the largest and most regulated cryptocurrency exchanges in Europe. It also offers spot trading for over 85 cryptocurrencies and offers services such as institutional lending and staking. Bitstamp holds more than 50 global licenses and registrations. It is also known for its commitment to compliance and security, undergoing regular audits by a global Big Four accounting firm.

Expand your strategy

Robinhood began offering cryptocurrency trading to European Union customers in December. The acquisition of Bitstamp was seen as a strategic move to expand Robinhood’s footprint and improve its service offerings. It. Johann Kerbrat, general manager of Robinhood Crypto, emphasized Bitstamp’s resilience through market cycles and its strong global reputation. Kerbrat adds:

“The acquisition of Bitstamp is an important step in growing our cryptocurrency business. Bitstamp’s longstanding and trusted global exchange has shown resilience through market cycles… Through this strategic combination, we are better positioned to expand our footprint outside the US and welcomes institutional clients to Robinhood.”

Additionally, Bitstamp CEO JB Graftieaux expressed excitement about the merger. He highlighted the enhanced trading experience and continued commitment to compliance and customer centricity that Bitstamp will bring to the Robinhood ecosystem. Graftieaux and the current leadership team will remain in place following the acquisition to ensure continuity and stability.

The acquisition is expected to increase competition in the cryptocurrency exchange market. Furthermore, this is especially true for large players like Coinbase, which are also expanding globally. Robinhood’s recent financial performance shows its growing influence in the cryptocurrency sector.

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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