Fintech
Robinhood to Acquire Bitstamp for $200 Million in Cash – Fintech Schweiz Digital Finance News
Of Fintechnews Switzerland
June 7, 2024
Robinhood has entered into a deal to acquire Bitstamp, a global cryptocurrency exchange. Bitstamp was founded in 2011 and has offices in Luxembourg, the United Kingdom, Slovenia, Singapore and the United States.
The acquisition of a global exchange will accelerate significantly Robin Hood The expansion of cryptocurrencies around the world. Bitstamp holds over 50 active licenses and registrations globally and will bring customers across the EU, UK, US and Asia to Robinhood.
This acquisition will introduce Robinhood’s first institutional business. Its institutional clients rely on Bitstamp for reliable trade execution, deep order books, and industry-leading API connectivity. With Bitstamp’s other institutional offerings such as Bitstamp-as-a-service white label solution, institutional lending and staking, Robinhood will enter the space with active and established relationships, industry-leading infrastructure and products. Bitstamp’s leading spot exchange, with over 85 tradable assets and products such as staking and lending, will enhance Robinhood’s Crypto offering.
Johann Kerbrat
“The acquisition of Bitstamp is an important step in the growth of our cryptocurrency business. The highly reliable and long-standing Bitstamp global exchange has demonstrated resilience through market cycles. By seamlessly blending customer experience with security across geographies, the Bitstamp team has built one of the strongest reputations among retail and institutional cryptocurrency investors,”
said Johann Kerbrat, CEO of Robinhood Crypto.
“Through this strategic combination, we are better positioned to expand our presence outside the United States and welcome institutional clients to Robinhood.”
J.B. Graftieaux
“As the world’s longest-running cryptocurrency exchange, Bitstamp is known as one of the most trusted and transparent crypto platforms in the world,”
said JB Graftieaux, CEO of Bitstamp.
“Bringing Bitstamp’s platform and expertise to the Robinhood ecosystem will provide users with an enhanced trading experience with an ongoing commitment to compliance, security and customer centricity.”
The Bitstamp team will join forces with Robinhood, promoting collaboration, innovation and knowledge sharing across continents. Robinhood and Bitstamp customers can expect the same level of service, security and reliability, and as we move forward, we are committed to maintaining transparency throughout this process.
Robinhood expects the final consideration in the deal to be approximately $200 million in cash, subject to customary purchase price adjustments. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.
Featured image credit: Edited by freepik
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