In a groundbreaking move, the popular cryptocurrency exchange, Robinhood, made an announcement on June 6 regarding its decision to acquire the renowned trading platform, Bitstamp. This strategic move is a part of Robinhood’s plan to expand and solidify its presence in the crypto industry.
The acquisition of Bitstamp will not only bring its global-scale crypto exchange to Robinhood but also introduce a wide range of retail and institutional clients from the EU, UK, US, and Asia to the platform. This strategic combination is aimed at positioning Robinhood for international expansion and establishing a reliable institutional business.
The purchase agreement has been valued at a staggering US$200 million and is expected to be finalized in the first half of the upcoming year, pending customary closing conditions and regulatory approvals. Robinhood anticipates the deal to be worth approximately $200 million in cash, subject to standard purchase price adjustments.
Johann Kerbrat, the general manager of Robinhood Crypto, emphasized the significance of the Bitstamp acquisition in driving the growth of the cryptocurrency company. By joining forces with Bitstamp, Robinhood is poised to broaden its global footprint and cater to institutional clients on a larger scale.
According to estimates, the acquisition of Bitstamp’s global exchange is set to accelerate the expansion of Robinhood Crypto worldwide significantly. With over 50 active licenses and registrations across various regions, Bitstamp will bring in a diverse customer base from the EU, UK, US, and Asia, marking the inception of Robinhood’s institutional business.
Established in 2011, Bitstamp has offices in Luxembourg, the UK, Slovenia, Singapore, and the US. Known as one of the most trusted and transparent crypto platforms globally, Bitstamp’s CEO, JB Graftieaux, expressed pride in the company’s reputation as the world’s oldest cryptocurrency exchange.
Disclaimer: The opinions and views expressed in this article are solely for informational purposes and do not serve as financial or investment advice. Investing or trading in cryptocurrencies carries inherent risks of financial loss.
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