Robinhood has planned to acquire a UK-based crypto platform Ziglu for an undisclosed sum, as Robinhood is going all in crypto.
Robinhood, an American Financial services company, has agreed to acquire the London-based firm. The acquisition will enable Robinhood with a regulated authority arm in the UK.
Robinhood’s deal amount stays hidden
The official announcement that confirmed the acquisition kept the deal anonymous as they didn’t reveal any numbers.
“Impressive team of deeply experienced financial services and crypto experts will help accelerate our global expansion efforts.”
Robinhood team
Ziglu allows individual investors to purchase cryptocurrencies. It was launched in 2014 by entrepreneur Mark Hipperson, who helped develop UK digital lender Starling Bank.
The acquisition was followed by the company’s warning that the pandemic trading madness was cooling down. Robinhood shares also dropped by 30% this year.
Ziglu was the third firm to receive the approval of the UK’s financial watchdog, the FCA. With Ziglu, UK-based customers will be able to buy 11 cryptocurrencies, pay using a debit card, and move and spend money that too without fees.
“Ziglu and Robinhood share a common set of goals, working to reduce the barriers to entry for a new generation of investors, and we’re excited to pursue that mission together.”
Mark Hipperson, Founder and CEO of Ziglu
Hood also plans to expand and develop Ziglu in Europe. Robinhood had dropped its plans to target the UK in July 2020. It looks like they are dusting the shelves to rework on that plan.
The collaboration will work to leverage the best of both the companies and explore different ways to break down international barriers for European and UK customers. The announcement comes weeks after the company extended cryptocurrency wallet services to more than two million customers in the United States. Now the Robinhood Market is expanding its digital asset offerings internationally.