HomeCrypto NewsHead of Robinhood Crypto believes Bitstamp partnership will attract high-net-worth investors -...

Head of Robinhood Crypto believes Bitstamp partnership will attract high-net-worth investors – DL News

Robinhood to Acquire Bitstamp for $200 Million, Eyes Expansion into Asia

Robinhood, the popular fintech company known for its role in the memestock craze of 2021, is making a bold move into the world of cryptocurrency. The company announced on Thursday that it plans to acquire crypto exchange Bitstamp for approximately $200 million.

This acquisition marks a significant step for Robinhood, as it looks to expand its reach beyond retail investors and attract hedge funds, banks, and other trading heavyweights. Johann Kerbrat, general manager for Robinhood Crypto, believes that this move “makes a ton of sense” for the company.

With Bitstamp’s established relationships and services for wealthy traders, Robinhood hopes to tap into a new market and increase its revenue from crypto transactions. In fact, the company’s crypto transaction revenue has seen a significant increase in recent months, reaching $126 million in the first quarter of 2024.

The acquisition of Bitstamp also opens up the possibility of expansion into Asia, as the crypto exchange boasts over 50 active licenses globally, including in Asia. While Kerbrat did not confirm any specific plans for expansion into Asia, he did express that the company is focused on pushing into international markets, with Asia being an attractive target.

Overall, Robinhood’s acquisition of Bitstamp signals a strategic move to solidify its position in the cryptocurrency market and attract a broader range of customers. As the company continues to grow and evolve, it will be interesting to see how this acquisition shapes its future in the world of crypto trading.

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