Robinhood, a serious cryptocurrency-friendly inventory buying and selling app, is pushing world expansion by buying the United Kingdom-based crypto asset firm Ziglu.
Robinhood formally introduced Tuesday that it had signed a deal to purchase Ziglu, topic to regulatory approvals and different closing situations. The firm declined to disclose the scale of the deal to Cointelegraph.
“Subject to regulatory approval, in the near term, nothing will change for current Ziglu customers. Longer-term, we’ll integrate Ziglu more fully into Robinhood, bring the Robinhood brand overseas and work to expand operations beyond the U.K. into Europe,” the spokesperson for Robinhood mentioned.
The acquisition goals to assist Robinhood speed up its worldwide expansion and eventually enter markets each in the UK and throughout Europe. The transfer comes according to Robinhood’s renewed expansion efforts this yr after the platform beforehand aborted its formidable expansion plans in nations like the UK again in 2020.
— Robinhood (@RobinhoodApp) April 19, 2022
As Cointelegraph reported, Ziglu was based by former Barclays expertise head and Starling financial institution co-founder Mark Hipperson in 2020. The firm offers a digital platform that allows clients to purchase and promote eleven cryptocurrencies like Bitcoin (BTC), Ether (ETH) and others. The Ziglu platform additionally permits customers to yield rewards and pay for companies utilizing a debit card.
Robinhood is a serious on-line brokerage identified for providing a commission-free investing and buying and selling platform in the US. Robinhood turned broadly identified within the crypto neighborhood after the corporate rolled out buying and selling of main cryptocurrencies like BTC and ETH in 2018.
Associated: FTX expands to Europe with CySEC approval
Regardless of some controversy round its buying and selling insurance policies and the elevated consideration from U.S regulators final yr, Robinhood has been pushing improvement lately. The corporate rolled out its digital pockets function for two million further customers in early April 2022, saying plans to combine the Lightning Community.