The post Robinhood Confirms Plans to Acquire Bitstamp appeared on BitcoinEthereumNews.com.

Prominent crypto trading app Robinhood confirms plans to acquire leading European-based exchange Bitstamp for around $200 million.  Robinhood confirmed the development in a press release today, emphasizing that it has reached an agreement with Bitstamp.   Details of the Deal  Following the agreement, Robinhood will pay nearly $200 million in cash for the acquisition. The deal is expected to be finalized in the first half of 2025. Notably, this projection is subject to relevant regulatory approval.  The acquisition will position Robinhood to compete against top crypto exchanges, including Coinbase and Binance. Bitstamp, which was founded in 2011, currently has offices in Luxembourg, Slovenia, the U.K., the U.S., and Singapore. In addition to having physical offices in these regions, Bitstamp holds more than 50 active licenses, allowing it to operate across different parts of the world.  According to the announcement, the acquisition of Bitstamp will accelerate Robinhood’s global expansion plans into other markets, especially in Europe and Asia.  Robinhood to Serve Institutional Clients  Through the deal, Robinhood will offer its products to institutional clients. The press release notes that institutional clients have relied on Bitstamp for efficient trade execution, top-tier API connectivity, and extensive order books.  – Advertisement – Robinhood aims to serve institutional clients by equipping itself with robust relationships and cutting-edge products through Bitstamp’s array of institutional services, including institutional lending and staking.  Commenting on the development, Robinhood’s CEO and founder Vlad Tenev highlighted the company’s belief in crypto’s transformative potential in reshaping the global financial system. According to Tenev, the agreement to acquire Bitstamp will accelerate Robinhood’s vision of integrating crypto into mainstream finance.  “Soon, we’ll combine forces with Bitstamp’s global footprint, core spot exchange, and industry-leading products like crypto-as-a-service, institutional lending, and staking,” Tenev added.  We believe crypto will fundamentally reorganize the financial system, and we’re acquiring @Bitstamp…

---

Filed under: News - @ June 6, 2024 7:12 pm