Crypto & Trade platform Robinhood decided to expand its crypto operations in the United Kingdom with the acquisition of a new crypto firm.
Robinhood is a crypto and stock trading platform in US. Since 2021, Robinhood is actively working to expand its crypto-related services because the company sees huge opportunities in the crypto industry’s over stock. Robinhood always tries to keep services under full compliance and keep illegal activities or bad actors away from the platform.
On 19 April, Robinhood exchange announced through a blog that Exchange signed a deal to acquire UK-based crypto firm Ziglar. However, the deal size was not revealed by the exchange but still, here everything will go under subject to regulatory approvals and other closing conditions.
Robinhood’s spokesperson ensured that the acquisition of Ziglu will not impact any user in any way but surely Robinhood will expand services in the UK and also in Europe.
“Subject to regulatory approval, in the near term, nothing will change for current Ziglu customers. Longer-term, we’ll integrate Ziglu more fully into Robinhood, bring the Robinhood brand overseas and work to expand operations beyond the U.K. into Europe,” Robinhood official shared
So with this acquisition plan, Robinhood aimed to expand its services globally.
In 2021, Robinhood unexpectedly dropped plans to launch services in the UK. By quoting the old failure, Robinhood shared happiness about this new initiative.
Mark Hipperson, former Barclays technology head and Starling bank co-founder, founded Ziglu in 2020. Ziglu provides services to UK-based citizens to trade with crypto assets like bitcoin, and Ethereum. Ziglu also provides yield programs for the customers to earn passive income.
Robinhood exchange itself is a popular broker in the US, which provides free brokerage fees based on investment in stock assets.
Last week, Robinhood announced support for Dogecoin rival Shiba in token and that pumped Shiba in the token by more than 19% within a few hours. In the past, Robinhood generated huge profits with Dogecoin trade fees, so probably the company is looking to play the game with the Shiba Inu token.