Robinhood Expands Crypto Offerings with Bitstamp Acquisition
CryptoNewsTerminal Staff06 Jun, 2024
Robinhood Expands Crypto Offerings with Bitstamp Acquisition
Robinhood, the popular trading app, has announced its plans to acquire Bitstamp, a leading cryptocurrency exchange, for $200 million in cash. The deal is expected to close in the first half of 2025. Bitstamp, founded in 2011, is a highly respected exchange with global reach. It boasts approximately 50 licenses worldwide, providing Robinhood with a significant footprint in Europe and Asia. This acquisition aligns with Robinhood's strategy to bolster its crypto operations, Robinhood Crypto, both in terms of offerings and reach. Currently, a majority of Bitstamp is owned by NXMH, the investment arm of Nexon, a South Korean gaming company. NXMH acquired approximately 80% of Bitstamp in 2018. The acquisition of Bitstamp demonstrates Robinhood's commitment to the cryptocurrency market. It will allow Robinhood to expand its crypto offerings, attract institutional investors, and provide its users with access to a wider range of crypto assets and services.
