Robinhood has renewed its global expansion plans by acquiring the
British crypto firm Ziglu after aborting its U.K. expansion back in
2020.
Robinhood, a major cryptocurrency-friendly stock trading app, is
pushing global expansion by acquiring the United Kingdom-based crypto
asset firm Ziglu.
Robinhood officially announced
Tuesday that it had signed a deal to acquire Ziglu, subject to
regulatory approvals and other closing conditions. The firm declined to
disclose the size of the deal to Cointelegraph.
“Subject to
regulatory approval, in the near term, nothing will change for current
Ziglu customers. Longer-term, we’ll integrate Ziglu more fully into
Robinhood, bring the Robinhood brand overseas and work to expand
operations beyond the U.K. into Europe,” the spokesperson for Robinhood
said.
The acquisition aims to help Robinhood accelerate its
international expansion and finally enter markets both in the United
Kingdom and across Europe. The move comes in line with Robinhood’s
renewed expansion efforts this year after the platform previously aborted its ambitious expansion plans in countries like the United Kingdom back in 2020.
As Cointelegraph reported, Ziglu was founded by former Barclays technology head
and Starling bank co-founder Mark Hipperson in 2020. The firm provides a
digital platform that enables customers to buy and sell eleven
cryptocurrencies like Bitcoin (BTC), Ether (ETH) and others. The Ziglu platform also allows users to yield rewards and pay for services using a debit card.
Robinhood
is a major online brokerage known for offering a commission-free
investing and trading platform in the United States. Robinhood became
widely known in the crypto community after the company rolled out trading of major cryptocurrencies like BTC and ETH in 2018.
Related: FTX expands to Europe with CySEC approval
Despite some controversy around its trading policies and the increased attention from U.S regulators last year, Robinhood has been pushing development recently. The company rolled out its digital wallet feature for 2 million additional users in early April 2022, announcing plans to integrate the Lightning Network.
source link : https://cointelegraph.com/news/robinhood-acquires-british-crypto-firm-ziglu-to-push-expansion-plans
