š± Robinhood To Acquire Bitstamp Exchange For $200 Million
Robinhood Markets has agreed to purchase Bitstamp, the longest-standing cryptocurrency exchange, for approximately $200 million in cash, marking its largest acquisition to date and enhancing its expansion into digital assets. This move positions Robinhood, whose shares rose by 3.4% pre-market, to compete with major players like Binance and Coinbase, and has caught everyone by surprise.
Bitstamp, established in 2011 with 50 global licenses, offers a core spot exchange with over 85 tradable assets, primarily in Europe and Asia, and is expected to bolster Robinhood Crypto's growth. Johann Kerbrat, VP of Robinhood Crypto, emphasized the acquisition's role in accelerating global expansion, particularly in the EU. Despite rapid growth in its crypto business.
