Robinhood, the Nasdaq-listed trading platform for cryptocurrency assets and electronic money institutions is purchasing Ziglu in London. The acquisition is part of Robinhood’s international expansion plan. Robinhood “sees a big opportunity in serving customers across the globe.”
Robinhood Buys Regulated Crypto-Firm Ziglu
Robinhood, an American trading platform that is well-known for its popularity in America, has announced Tuesday it had signed an agreement to buy Ziglu, a cryptocurrency regulatory firm.
Citing its mission to “democratize finance for all,” Robinhood emphasized, “That’s why earlier this year, we announced that we’ve set aggressive goals to start opening our crypto platform up to customers internationally.” The Nasdaq-listed trading platform added:
As we look to expand internationally, we’re excited to announce that we’ve signed a deal to acquire Ziglu Limited, a UK-based electronic money institution and cryptoasset firm.
The deal is “subject to regulatory approvals and other customary closing conditions,” Robinhood noted.
Ziglu, which was established in 2014 allows U.K.-based retailers to sell and buy 11 cryptocurrency tokens. Users can also earn yield via Ziglu’s “Boost” products, pay using a debit card, as well as transfer and spend money worldwide without fees, the announcement details. Financial Conduct Authority (FCA), regulates U.K. cryptocurrency firm. The group was valued at £85 million last November when it raised £7 million.
Ziglu CEO Mark Hipperson stated that the two companies “share a common set of goals,” elaborating:
As part of Robinhood, we’ll supercharge Robinhood’s expansion across Europe and bring better access to crypto and its benefits to millions more customers.
According to the announcement, current Ziglu customers will not see any changes in the immediate future. However, in the longer term, Robinhood will fully integrate Ziglu in order to “bring the Robinhood brand overseas” as it works to “expand operations beyond the U.K. into Europe.”
Robinhood announced its plan to launch internationally in January, stating that it “believes in the immense potential of the crypto economy and sees a big opportunity in serving customers across the globe.”
Steve Quirk, Robinhood’s chief brokerage officer, explained in February that his company’s global expansion will be “crypto first.” He believes that from the regulatory standpoint, the path for Robinhood to “go global and have the most traction is probably through crypto, and then maybe follow with other components of the offering.”
Robinhood has recently made its crypto wallets available to over two million users. This month Robinhood also supported four other cryptocurrencies, such as meme crypto shiba iu. SHIB now supports the platform along with bitcoin (BTC), cryptocurrency cash (BCH), crypto sv (BSV), petecoin [DOGE], ethereum classical (ETC), lightcoin (LTC), litecoins(LTC), compound, COMP), polygon (1MATIC), solana (SOL)
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