The trading platform abandoned its aspirations to start in the United Kingdom two years ago.
During the trading session on Tuesday, Robinhood's stock increased by 3%.
On Tuesday, Robinhood, a popular commission-free stock trading and investing app in the United States, announced the acquisition of London-based fintech firm Ziglu. The program, according to CNBC, enables users to trade Bitcoin (BTC) and other cryptocurrencies.
“Ziglu and Robinhood have a shared set of aims in lowering the barriers to entry for a new generation of investors, and we're pleased to work together to achieve that purpose.” As part of Robinhood, we'll accelerate Robinhood's development throughout Europe and provide greater access to cryptocurrency and its advantages to millions more clients, Mark Hipperson, Founder, and CEO of Ziglu said in a blog post published by Robinhood.
The purchase comes as the platform prepares to expand into the United Kingdom and Europe after plans to do so were shelved two years ago. “Ziglu, like Robinhood, believes that the new age of digital money brings with it a plethora of options, and Ziglu exists to make those changes available to everyone.” “Their excellent staff and technology will assist us in accelerating our international growth, both in the UK and throughout Europe,” the stock trading and investing app said in a blog post.
The details of the purchase had not been revealed as of press time, and the transaction is subject to regulatory clearances and other standard closing conditions. So far, the firm has raised GBP 17.5 million ($22.8 million), with individual investors contributing GBP 13.4 million through the equity crowdfunding site Seedrs. The firm was valued at GBP 85 million at the time of its latest appraisal. According to CNBC, it is one of the few cryptocurrency enterprises that has been registered with the UK's Financial Conduct Authority (FCA).
Robinhood Cryptocurrency Wallet
Aparna Chennapragada, Chief Product Officer at Robinhood, said earlier this month that qualified consumers in the queue will get the company's long-awaited crypto wallet. The news was made during the Bitcoin Conference 2022 in Miami, Florida, where Robinhood said that there were over two million users on the queue.
