Robinhood Set to Acquire Bitstamp in $200M Deal, Expanding Cryptocurrency Offerings
Summary:
Stock trading app Robinhood plans to purchase Bitstamp, the cryptocurrency exchange, in a deal worth $200 million. This acquisition will enable Robinhood to cater to institutional clients in the U.S., with the deal expected to be finalized by the first half of 2025. The acquisition was driven by customer demand for more cryptocurrency products.
The cryptocurrency exchange Bitstamp is set to be acquired by the stock trading application Robinhood, marking a significant expansion of Robinhood's involvement in the crypto sector. The plan involves Robinhood buying Bitstamp through a transaction which is valued at $200 million, which will subsequently allow the application platform to cater to institutional clientele in America. Pending sanction from regulatory bodies, the deal is slated for completion by the first half of 2025. The initiative to acquire the cryptocurrency exchange stemmed from growing demands from customers for an expanded range of cryptocurrency products, as stated by Robinhood Crypto's general manager, Johann Kerbrat, in a report dated June 6. He was quoted saying, "Everything we’ve been undertaking over the recent years stems from the continued requests for more crypto products from our customers”. As this story continues to unfold, additional details will be updated as they come to light.
Published At
6/6/2024 2:10:46 PM
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