Robinhood is putting its money on digital currencies, announcing Thursday that the popular stock trading app will acquire crypto exchange Bitstamp for about $200 million.The deal marks the trading platform's biggest-ever push into the digital assets industry, the company said in a statement Thursday, and will make it a competitor to larger crypto trading firms like Binance and Coinbase. The deal is expected to close in the first half of 2025.
It's the equivalent of an online brokerage firm, but doesn't complete client trades. Instead, it sends them to other trading firms, that match buyers with sellers of stocks and pay Robinhood a commission on the trades. The company's acquisition of Bitstamp would introduce Robinhood's first institutional business.
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