Robinhood has agreed to accumulate main Bitcoin and cryptocurrency trade Bitstamp for $200 million in money, marking a serious growth of its Bitcoin and cryptocurrency enterprise. The transaction is anticipated to shut within the first half of 2025.
Breaking Information: Robinhood Purchase #bitcoin and exchanged BITSTAMP for $200 million. pic.twitter.com/Q9LfBDw3Di
— Bitcoin Journal (@BitcoinMagazine) June 6, 2024
Based in 2011, Bitstamp is without doubt one of the oldest and most established cryptocurrency exchanges on the earth. The corporate operates in Europe, Asia and the USA, with greater than 50 licenses worldwide. The acquisition will carry Bitstamp’s company and retail prospects below the Robinhood umbrella.
Robinhood goals to leverage Bitstamp’s popularity for resilience and belief to help its personal Bitcoin and crypto merchandise. Bitstamp has weathered market cycles for greater than a decade and maintained excessive safety requirements.
The acquisition comes as Robinhood faces SEC scrutiny of its crypto unit. Nonetheless, Bitcoin and cryptocurrencies stay a key driver of progress, with buying and selling income from cryptocurrency exchanges rising 40% final 12 months. Buying a longtime platform like Bitstamp might considerably increase Robinhood’s world attain.
Robinhood normal supervisor Johann Kerbrat stated the deal is “an essential step in rising our crypto enterprise” and can assist Robinhood “increase our footprint exterior the USA and welcome institutional prospects.” Robinhood CEO Vlad Tenev stated : “We consider cryptocurrencies will basically restructure the monetary system.”
Robinhood already gives Bitcoin and cryptocurrency buying and selling companies within the EU. However shopping for Bitstamp supplies a ready-made buyer base and regulatory licenses throughout a number of jurisdictions. The acquisition permits Robinhood to seize rising buying and selling quantity as demand for Bitcoin will increase.
