😎 Robinhood acquires Bitstamp for 200 million USD, expanding into the global market
On June 3rd, Robinhood officially completed the acquisition of the Bitstamp exchange for 200 million USD in cash. The agreement allows Robinhood to obtain over 50 global cryptocurrency licenses and marks its first entry into the international institutional customer market, expanding operations in Europe, the UK, and Asia.
Founded in 2011, Bitstamp has over 5,000 institutional clients and 50,000 individuals. Bitstamp's platform will be integrated into the Robinhood ecosystem to optimize the trading experience and efficiency.
Although it is expected to incur a cost of 65 million USD this year from the deal, Robinhood views this as a strategic long-term move to enhance its competitive capabilities in the crypto services sector for institutions, anticipating global investment trends.