Robinhood Markets Inc. has agreed to acquire Ziglu Ltd, a fintech company based in London that enables users to trade bitcoin and other cryptocurrencies. With aims to expand globally.
According to a joint announcement from both firms on Tuesday, the financial terms of the agreement were not disclosed, and the acquisition is still subject to regulatory approvals.
Customers will be able to purchase and trade 11 cryptocurrencies, receive yield through Robinhood’s ‘Boost’ products, pay with a debit card, and move and spend money internationally due to the deal.
The news boosted Robinhood’s stock by almost 5%, providing a brief respite from the company’s ongoing troubles, which have seen it lose roughly two-thirds of its market value since going public on the Nasdaq last summer.
Vlad Tenev, CEO of Robinhood Markets, says;
“Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”
Ziglu’s CEO, Mark Hipperson, was also a co-founder of Starling, a British digital bank. “We share a common set of goals,” Ziglu said.
Additionally, Hipperson stated that;
“As part of Robinhood, we’ll supercharge Robinhood’s expansion across Europe and bring better access to crypto and its benefits to millions more customers,”