Robinhood has announced plans to buy global crypto exchange Bitstamp in a $200 million deal.
The US trading platform said that the move would “significantly accelerate” its expansion worldwide, with Bitstamp holding over 50 active licenses and registrations globally.
It went on to say that the purchase would bring in customers across the EU, UK, US and Asia.
Robinhood, which officially launched its platform in the UK in March, also said that the acquisition would enable it to serve institutional customers for the first time.
“The acquisition of Bitstamp is a major step in growing our crypto business," said Johann Kerbrat, general manager of Robinhood Crypto.
He continued: “Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood.”
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