Robinhood Begins European Expansion, Acquiring Regulated UK-Based Crypto Firm Ziglu
Nasdaq-listed trading platform Robinhood is acquiring Ziglu, a London-based electronic money institution and crypto asset firm. The acquisition is part of Robinhood’s international expansion plan. Robinhood “sees a big opportunity in serving customers across the globe.” Robinhood Acquiring Regulated Crypto Firm Ziglu
Popular U.S.-based trading platform Robinhood announced Tuesday that it has signed an agreement to acquire a regulated cryptocurrency firm Ziglu.
Citing its mission to “democratize finance for all,” Robinhood emphasized, “That’s why earlier this year, we announced that we’ve set aggressive goals to start opening our crypto platform up to customers internationally.” The Nasdaq-listed trading platform added: As we look to expand internationally, we’re excited to announce that we’ve signed a deal to acquire Ziglu Limited, a UK-based electronic money institution and cryptoasset firm.
The deal is “subject to regulatory approvals and other customary closing conditions,” Robinhood noted.
Founded in 2014, Ziglu allows U.K.-based retail investors to buy and sell 11 cryptocurrencies. Users can also earn yield via Ziglu’s “Boost” products, pay using a debit card, as well as transfer and spend money worldwide without fees, the announcement details. The U.K crypto firm is regulated by the Financial Conduct Authority (FCA). The group was valued at £85 million last November when it raised £7 million.
Ziglu CEO Mark Hipperson stated that the two companies “share a common set of goals,” elaborating: 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.
The announcement adds that nothing will change in the near term for current Ziglu customers. However, in the longer term, Robinhood will fully integrate Ziglu in order to “bring the Robinhood brand overseas” as it works to “expand operations beyond the U.K. into Europe.”
Robinhood announced its plan to launch internationally in January, stating that it “believes in the immense potential of the crypto economy and sees a big opportunity in serving customers across the globe.”
Steve Quirk, Robinhood’s chief brokerage officer, explained in February that his company’s global expansion will be “crypto first.” He believes that from the regulatory standpoint, the path for Robinhood to “go global and have the most traction is probably through crypto, and then maybe follow with other components of the offering.”
Robinhood recently rolled out its cryptocurrency wallets to more than two million customers. The platform also added support for four additional cryptocurrencies this month, including meme crypto shiba inu. SHIB is now supported on the platform alongside bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC), litecoin (LTC), compound (COMP), polygon (MATIC), and solana (SOL). Tags in this story FCA, regulated uk crypto firm, Robinhood, robinhood acquires ziglu, robinhood europe, robinhood expansion, robinhood uk, robinhood ziglu, ziglu crypto, ziglu robinhood
What do you think about Robinhood acquiring Ziglu and its international expansion plan? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Crypto Exchange With Belarusian Roots Halts Operations for Russian Users EXCHANGES | 6 days ago India"s Crypto Trading Volume Plunges Further as Mobikwik Stops Payment Service EXCHANGES | Apr 11, 2022
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGensokishi Online Project Announces Decision to List MV Token on KuCoin and Campaign Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike