Robinhood’s $200m Bitstamp deal will speed up global expansion

Trading platform Robinhood Markets said on Thursday it has agreed to buy cryptocurrency exchange Bitstamp for about $200m in cash, speeding up a broader push into digital assets with its biggest ever deal.

The Robinhood app, popular among retail traders, has been looking to expand its product offerings to mature into a full-fledged financial services provider.

The acquisition of Bitstamp, which was founded in 2011 and holds 50 active licences and registrations globally, puts Robinhood in direct competition with industry giants such as Binance and Coinbase.

Bitstamp will power the growth of Robinhood Crypto and is set to become its first institutional business. Bitstamp’s core spot exchange, popular in Europe and Asia, has more than 85 tradable assets and includes products like staking and lending.

“We are in our early days in the EU and we are excited to keep expanding there and beyond. The acquisition of Bitstamp will accelerate our global expansion,” Johann Kerbrat, vice-president and GM of Robinhood Crypto, said.

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