Cryptocurrency exchange Robinhood announced on June 6 that it has entered into an agreement to acquire trading platform Bitstamp. The company revealed the importance of the acquisition in its strategic plan to expand and strengthen Robinhood’s presence in the crypto industry.
“This acquisition will bring Bitstamp’s global-scale crypto exchange to Robinhood, with retail and institutional clients across the EU, UK, US and Asia. This strategic combination better positions Robinhood to expand outside of the U.S. and will bring a trusted and reputable institutional business to Robinhood.”
The purchase agreement is valued at US$200 million and, according to the company, is expected to be finalized in the first half of next year, subject to customary closing conditions, including regulatory approvals. “Robinhood expects the final value of the deal 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.”
Johann Kerbrat, general manager of Robinhood Crypto, highlighted that the acquisition of Bitstamp is an important step in the cryptocurrency company’s growth. “Through this strategic combination, we are better positioned to expand our presence outside the U.S. and welcome institutional customers to Robinhood.”
According to the platform’s estimation, the acquisition of a global exchange will significantly accelerate Robinhood Crypto’s expansion across the world. Bitstamp has over 50 active licenses and registrations around the world and will bring customers from the EU, UK, US and Asia to Robinhood. This acquisition will introduce Robinhood’s first institutional business.
Bitstamp was founded in 2011 and has offices in Luxembourg, the UK, Slovenia, Singapore and the US. “As the world’s oldest cryptocurrency exchange, Bitstamp is known as one of the most trusted and transparent crypto platforms in the world,” said JB Graftieaux, CEO of Bitstamp.
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Source: https://portalcripto.com.br/robinhood-anuncia-aquisicao-da-bitstamp-por-us-200-milhoes/
