06/23/2024
BTC63,761.0
ETH3,529.68
USDT0.999375
BNB582.05
SOL133.74
USDC1.0
XRP0.489829
DOGE0.124866
BUSD0.942065
Last news
06/06/2024

Robinhood acquires crypto exchange Bitstamp

06/06/2024
4,6

Retail investment platform Robinhood has finalized the purchase of cryptocurrency marketplace Bitstamp in a significant transaction valued at $200 million in cash.

According to an official announcement, this $200 million acquisition is slated for completion within the first half of 2025, pending the green light from regulatory bodies.

The integration will see Bitstamp's personnel amalgamating with Robinhood, a move that Johann Kerbrat, the head of Robinhood Crypto, characterized as a meaningful alliance. He elaborated that this merger is poised to broaden Robinhood's international reach while also opening its doors to institutional clients.

This deal is set to markedly fast-track the American firm's push for international market penetration by incorporating over 50 of the exchange's active permits and licenses, in addition to its institutional services and primary spot exchange operations.

Included in these institutional services are Bitstamp’s proprietary white label program, Bitstamp-as-a-service, alongside offerings in institutional lending and staking services.

JB Graftieaux, CEO of Bitstamp, expressed that integrating with Robinhood's vibrant ecosystem will not only enhance the trading experience for users but also ensure an ongoing dedication to compliance, security, and prioritizing customer needs.

Recently, Robinhood Crypto was issued a Wells Notice by the U.S. Securities and Exchange Commission (SEC), signaling upcoming enforcement actions. Vlad Tenev, CEO of Robinhood, criticized this move, suggesting it represents a broader regulatory aggression towards the crypto sector, ultimately disadvantaging American businesses and consumers alike.

The notice served to Robinhood is among several dispatched to key figures in the industry this year, targeting other major entities like Ethereum behemoth Consensys and the developer behind Uniswap, Uniswap Labs. However, the scrutiny on Robinhood Crypto stands apart due to its origins outside the crypto sphere. Since introducing Bitcoin and Ethereum trading through its app in 2018, Robinhood has gradually expanded its crypto operations, a journey further cemented by its recent acquisition of Bitstamp, signaling a deeper venture into the realm of cryptocurrency.


Subscribe to Cryptonica.News
on social networks

The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

Bitstamp


How useful is this article for you?
Thank you for your review!

Last news

Explore more

Amp (AMP)
$0.0049908
0.05%
Buy
Bitcoin (BTC)
$63,761.0
-0.46%
Buy
Ethereum (ETH)
$3,529.68
0.68%
Buy
ORDI (ORDI)
$40.1
1.2%
Buy
Uniswap (UNI)
$10.18
3.3%
Buy

HowTo

Combo cards in Hamster Kombat: What are they, and how to get the reward?
What Is DePIN in Crypto?