Robinhood buys Bitstamp for crypto, global expansion

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As stated in a press statement issued on Thursday, the online trading platform known as Robinhood Markets (HOOD) has reached an agreement to acquire Bitstamp, a cryptocurrency exchange based in Europe, for around $200 million. This transaction will allow Robinhood to grow its cryptocurrency and international commercial operations.

Robinhood Crypto said that the acquisition of a global exchange would considerably expedite the company’s growth throughout the globe. The company also mentioned that Bitstamp has more than fifty active licenses and registrations in different countries across the world. This acquisition will attract clients from all over the world, including the United States, Europe, and Asia, to its platform.

The Expanding Cryptocurrency and International Business of Robinhood
The transaction will assist in expanding Robinhood’s position in countries other than the United States, as well as the company’s cryptocurrency business. In addition, the firm has lately taken steps to extend its operations by introducing new goods, such as credit cards, and by introducing its app to the United Kingdom.

Robinhood’s profitability have increased in recent quarters as a result of its cryptocurrency business. The firm said last month that the income generated by its cryptocurrency business more than tripled in the first quarter compared to the same period a year earlier, reaching a total of $126 million.

Johann Kerbrat, the general manager of Robinhood Crypto, said that “the acquisition of Bitstamp is a major step in growing our cryptocurrency business.” He went on to say that “Bitstamp’s highly trusted and long standing global exchange has shown resilience through market cycles.”

Robinhood has said that it got a Wells Notice from the Securities and Exchange Commission (SEC) last month, which indicates that the agency has closed an investigation that might lead to enforcement proceedings. This has resulted in the cryptocurrency operations of Robinhood being subject to scrutiny from regulatory authorities.

Robinhood has said that it anticipates the completion of its purchase of Bitstamp by the first half of the next year, provided that regulatory permission is obtained.

As a result of the announcement, Robinhood shares increased by more than 5% to $22.70 as of 10:40 a.m. Eastern Time on Thursday. This increase contributed to the company’s 78% rise since the beginning of the year.

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