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On Tuesday, Robinhood officially announced that it had signed a deal to acquire Ziglu, agreeing to regulatory approvals and other closing conditions.
"In the near future, subject to regulatory approval, nothing will change for Ziglu's existing customers. In the future, we will integrate Ziglu fully into Robinhood, bring the Robinhood brand globally and expand our operations outside the UK into Europe," a Robinhood spokesperson said.
The acquisition aims to help Robinhood accelerate its plans for international expansion and enter the market both in the UK and across Europe. The move is consistent with Robinhood's expansion efforts, which were recently relaunched this year. The platform has previously abandoned its ambitious plans in countries such as the UK by 2020.
This aged well… https://t.co/OCQNby71Cw https://t.co/YgjYSHVGru
— Robinhood (@RobinhoodApp) April 19, 2022
Ziglu was founded in 2020 by Mark Hipperson, former Chief Technology Officer at Barclays and co-founder of Starling Bank. The company offers a digital platform that allows users to buy and sell 11 cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and other currencies. The Ziglu platform also allows users to receive rewards and pay for services using debit cards.
Robinhood is a major online broker, famous for offering a commission-free trading and investment platform in the US. Robinhood became popular with the cryptocurrency community after the company launched trading major cryptocurrencies such as BTC and ETH in 2018.
Despite the controversy surrounding trading policy and the attention of U.S. lawmakers to the company in 2021, Robinhood has recently been actively pushing for growth. The company launched a cryptocurrency wallet with 2 million additional users in early April 2022, and announced plans to integrate the Lightning Network.
