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Robinhood bets big on crypto with $200-M deal for Bitstamp

  • 📰 TheManilaTimes
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Robinhood News

Bets,Big,On

The 11-year-old trading app, popular with retail traders, has been looking to expand its product offerings to mature into a full-fledged financial services provider.

TRADING platform Robinhood Markets said on Thursday it has agreed to buy cryptocurrency exchange Bitstamp for around $200 million in cash, speeding up a broader push into digital assets with its biggest-ever deal.The acquisition of Bitstamp, which was founded in 2011 and holds 50 active licenses and registrations globally, puts Robinhood in direct competition with industry giants such as Binance and Coinbase.

The deal, which is expected to close in the first half of 2025, comes at a time when Robinhood's crypto business is seeing rapid growth but also facing regulatory hurdles in the United States.Kerbrat said the company intends to keep communicating with regulators as it moves forward.

 

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