The major cryptocurrency-friendly stock trading application, Robinhood, is in the process of expanding globally. Its latest acquisition is of the crypto asset firm based in the United Kingdom called Ziglu.
According to an announcement made on Tuesday by Robinhood, the stock trading company has signed a deal to acquire Ziglu. This deal is subject to certain closing conditions and regulatory approvals. The size of the deal has yet to be officially disclosed.
A spokesperson for Robinhood had said in a recent interview that the integration with Ziglu will be conducted in phases.
According to the spokesperson, “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 UK into Europe.”
Robinhood is confident that the acquisition of Ziglu will help accelerate its expansion into the international markets, as well as finally provide a gateway into the United Kingdom and across Europe.
The move is not Robinhood’s first attempt to expand internationally. The stock trading platform had to abort ambitious expansion plans back in 2020 for a variety of reasons, with regulation being a major contributing factor. However, this has not stopped Robinhood’s drive to expand internationally, as the company has renewed its expansion efforts this year.
Although there has been some controversy around RobinHood’s trading policies, and despite the platform attracting attention from US regulators last year, RobinHood has been pushing development recently. The company has also rolled out its digital wallet feature for 2 million additional users at the beginning of April this year.
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Source: Cryptocurrency - investing.com
