Robinhood has agreed to amass main Bitcoin and crypto alternate Bitstamp for $200 million in money, marking a significant growth of its Bitcoin and crypto enterprise. The deal is anticipated to shut within the first half of 2025.
BREAKING: ROBINHOOD BUYS #BITCOIN AND CRYPTO EXCHANGE BITSTAMP FOR $200 MILLION. pic.twitter.com/Q9LfBDw3Di
— Bitcoin Journal (@BitcoinMagazine) June 6, 2024
Based in 2011, Bitstamp is likely one of the world’s oldest and most established crypto exchanges. It operates throughout Europe, Asia and the U.S., with over 50 licenses globally. The acquisition will carry Bitstamp’s institutional and retail prospects below Robinhood’s umbrella.
Robinhood goals to leverage Bitstamp’s status for resilience and belief to bolster its personal Bitcoin and crypto choices. Bitstamp underwent over a decade of market cycles and maintained high-security requirements.
The acquisition comes as Robinhood faces scrutiny from the SEC over its crypto division. Nevertheless, Bitcoin and crypto stay a key driver of progress, with transaction income from crypto buying and selling leaping 40% final yr. Buying a longtime platform like Bitstamp may considerably broaden Robinhood’s international attain.
Robinhood common supervisor Johann Kerbrat stated the deal is a “main step in rising our crypto enterprise” and can assist Robinhood “broaden our footprint exterior of the U.S. and welcome institutional prospects.” Robinhood CEO Vlad Tenev says, “We consider crypto will basically reorganize the monetary system.”
Robinhood has already been providing Bitcoin and crypto buying and selling companies within the EU. However shopping for Bitstamp gives a ready-made base of consumers and regulatory licensing throughout a number of jurisdictions. As Bitcoin demand will increase, the acquisition positions Robinhood to seize rising buying and selling volumes.