Robinhood Acquires Bitstamp in $200 Million Deal

Robinhood’s Dramatic Turnaround: $157 Million Q1 Profit, Crypto Revenue Up 232%



On June 6, Robinhood, a US-based multi-asset trading platform, announced its plan to acquire global crypto exchange Bitstamp.

This acquisition will bring Bitstamp’s vast retail and institutional customer base across the EU, UK, US, and Asia to Robinhood, significantly expanding its global footprint outside the US.

Robinhood to Enhance Crypto Services with Bitstamp Acquisition

Robinhood aims to enhance its crypto services through the acquisition of Bitstamp. Bitstamp brings over 50 active licenses and registrations worldwide to the table. This allows Robinhood to integrate a reputable institutional business into its ecosystem.

Acquiring Bitstamp also means Robinhood will enter the institutional space with ready-made relationships, infrastructure, and products. Bitstamp’s core spot exchange—offering more than 85 tradable assets, staking, and lending services—will bolster Robinhood’s crypto offerings.

bybit

Read more: How to Buy and Sell Crypto on Robinhood: A Step-by-Step Guide

Johann Kerbrat, the General Manager of Robinhood Crypto, expressed that the acquisition of Bitstamp marks a significant advancement in their crypto business expansion efforts. He praised Bitstamp for its enduring global exchange, which has proven resilient through various 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,” Kerbrat said.

From Bitstamp’s perspective, CEO JB Graftieaux discussed the benefits of integrating with Robinhood’s ecosystem. He noted that this integration will improve users’ trading experience.

“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,” Graftieaux stated.

Read more: 10 Best Crypto Exchange Reviews for June 2024

Robinhood expects the final deal consideration to be approximately $200 million in cash, subject to customary purchase price adjustments. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025. Barclays Capital Inc. served as the exclusive financial advisor to Robinhood, while Galaxy Digital Partners LLC served as the exclusive financial advisor to Bitstamp.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest