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Robinhood is ramping up their plans for crypto.
What’s happening:
- Popular trading app Robinhood (NASDAQ: HOOD) has announced they have entered into an agreement to buy crypto exchange Bitstamp
Why it matters:
- Robinhood has been making moves to broaden their crypto operations, with a recent expansion of their public equities and crypto trading platform into the United Kingdom
By the numbers:
- Robinhood will acquire Bitstamp for $200M USD
- Bitstamp currently holds 50 active licenses to operate their crypto exchange in countries around the world including Europe, Asia and the United States
- In the last quarter, Robinhood generated $126M USD in revenue from crypto trading and digital asset transactions
Going deeper:
- Bitstamp was one of the earliest crypto exchanges to ever launch and has been operating for more than a decade
- Bitstamp was also a first mover in accelerating institutional adoption of digital assets and currently provides lending and staking opportunities for institutions globally
The intrigue:
- Ripple Labs, the parent company behind popular crypto project Ripple, previously purchased an ownership stake in Bitstamp
