Robinhood's Crypto Chief: Bitstamp Acquisition to Attract High Net Worth Individuals

IconCryptoNewsTerminal Staff06 Jun, 2024

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Robinhood's Crypto Chief: Bitstamp Acquisition to Attract High Net Worth Individuals

Robinhood's crypto chief, Johann Kerbrat, believes the acquisition of Bitstamp will make it easier to attract high net worth investors. In an interview with Bloomberg, Kerbrat said that the move is "a huge step for Robinhood to get in the space." Bitstamp is a cryptocurrency exchange majority-owned by Nexon. Robinhood agreed to acquire it for $200 million in cash. The deal is expected to close in the first half of 2023. Kerbrat declined to comment specifically on whether the Bitstamp acquisition could lead to an expansion into Asia. He did say, however, that "the goal is to continue to go international. It's clear that Asia is a very interesting market." Robinhood is one of the most popular trading apps in the United States. The company has recently been making a push into cryptocurrency trading. In October, it launched a new crypto wallet. The acquisition of Bitstamp is a significant step for Robinhood. It will give the company access to Bitstamp's large user base and its expertise in cryptocurrency trading. This should help Robinhood to attract more high net worth individuals to its platform.

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