This will be the first crucial step Robinhood will take in establishing a presence in the UK after abandoning plans two years ago.
Robinhood gained prominence during its GameStop debacle but has since managed to make a name for itself in the crypto space with its cryptocurrency exchange Robinhood Crypto.
Thus, the company is now focusing on simply expanding on the same with its decisions to build on the existing momentum.
As per a report by CNBC, Robinhood yesterday finalized the purchase of Ziglu, a fintech application based in London that provides crypto trading services for Bitcoin and other cryptocurrencies.
This deal will play an essential role in Robinhood’s plans of expanding its presence in the United Kingdoms and Europe, which it has been eyeing for a while now.
Two years ago, Robinhood was gunning for occupying these territories but had to terminate the plans citing business at home as its priority instead of expanding overseas.
This deal will be of massive value for the platform, which has noticed a steady decline in its monthly active users in quarter 4 of 2021, losing over 1.3 million users in 3 months.
Commenting on losing the market share and the potential that the new deal holds, the Chief Executive Officer (CEO) of Robinhood, Vlad Tenev, said,
“Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”
Ziglu’s purchase is the second most significant step taken by Robinhood this month, as just last week, FXEmpire reported on the exchange’s announcement of adding Shiba Inu, Solana, Compound, and Polygon’s tokens to Robinhood Crypto.
A few days later, CEO Tenev was reported discussing the possibility of Dogecoin becoming the ‘Currency of the Internet’, saying the coin’s inflation rate is way below that of USD (Dollar) and that by lowering fees and increasing the number of transactions per second, it can achieve that status.
Thus, it seems like Robinhood will not stop until it becomes a major crypto market player worldwide.
Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.