Robinhood for Crypto: Exchange Bitstamp for $200 Million
On July 29, 2021, electronic screens in Times Square, New York, will announce the Robinhood IPO. On Thursday, June 6, 2024, Robinhood Markets Inc. will purchase Bitstamp, a cryptocurrency exchange, for approximately $200 million in an effort to accelerate the global expansion of cryptocurrencies. (Mark Lennihan, File/AP Photo)
In an effort to accelerate its cryptocurrency growth internationally, Robinhood Markets Inc. is paying roughly $200 million in cash to acquire Bitstamp, an exchange for cryptocurrencies.
Founded in 2011, Bitstamp maintains offices in the US, Singapore, the UK, Slovenia, and Luxembourg. It has more than 50 active licenses and registrations worldwide and customers across the European Union, United Kingdom, United States and Asia.
Robinhood for Crypto: Buying Cryptocurrency Exchange Bitstamp for $200 Million
On Thursday, Robinhood announced that it will be conducting its first institutional business.
“Bitstamp’s well-known and dependable global exchange has proven resilient in the face of market fluctuations. In a statement, Johann Kerbrat, general manager of Robinhood for crypto, said, “The Bitstamp team has established one of the strongest reputations among retail and institutional crypto investors by seamlessly coupling customer experience with safety across geographies.” “We are better positioned to welcome institutional customers to Robinhood and grow our footprint outside of the U.S. thanks to this strategic combination.”
It is anticipated that the transaction will close in the first half of 2019.
The announcement was made by Robinhood cryptocurrency Markets a month ago, following its declaration that it had been notified by the Securities and Exchange Commission of potential securities violations at its cryptocurrency division.
The business disclosed in a regulatory filing that it had been served with investigative subpoenas by the SEC pertaining to matters pertaining to cryptocurrency listings, cryptocurrency custody, and platform operations.
According to the company, Robinhood Crypto has complied with the investigation.
Before the market opened, Robinhood Markets’ shares increased by more than 2%.
Read Out Blog Post :
The Thriving World of Global Poker: Exploring 3 Card Poker Online
