Quick take:
- Bitstamp holds over 50 active licenses and registrations globally.
- The crypto exchange company also has offices in Luxembourg, the UK, Slovenia, Singapore and the US.
- The acquisition will usher in Robinhood’s first institutional business to its ecosystem as it seeks to accelerate global expansion.
Robinhood has announced the acquisition of the UK-based crypto exchange company Bitstamp for $200 million. The acquisition is part of Robinhood’s strategy of expanding its global footprint.
The company boasts retail and institutional clients from the EU, UK, US and Asia, who will all become part of the Robinhood business, which has rapidly been expanding into crypto over the past few years.
With offices in Luxembourg, the UK, Slovenia, Singapore and the US, Bitstamp holds over 50 active licenses and registrations globally. The acquisition will usher in Robinhood’s first institutional business.
The company will be adding to its crypto business Bitstamp’s range of products including its core spot exchange platform with over 85 tradable assets, as well as, products like staking and lending.
Commenting on the announcement, Johann Kerbrat, General Manager of Robinhood Crypto said in a statement: “Bitstamp’s highly trusted and long-standing global exchange has shown resilience through market cycles. By seamlessly coupling customer experience with safety across geographies, the Bitstamp team has established one of the strongest reputations across retail and institutional crypto investors.”
According to Kerbrat, the acquisition better positions Robinhood for expansion outside the US, whilst also welcoming institutional customers.
Robinhood has been a predominantly retail-trader-focused platform dating back to days when it was only offering stock trading.
JB Graftieaux, CEO of Bitstamp commented: “As the world’s longest-running cryptocurrency exchange, Bitstamp is known as one of the most trusted and transparent crypto platforms worldwide. Bringing Bitstamp’s platform and expertise into Robinhood’s ecosystem will give users an enhanced trading experience with a continuing commitment to compliance, security, and customer-centricity.”
As part of the acquisition, Bitstamp’s team will join forces with Robinhood to collaborate on growing the business globally.
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