With the acquisition, Robinhood’s customers in the UK can buy and sell 11 different cryptocurrencies, earn rewards, pay using a debit card, and move and spend money, free of cost
Ziglu is a UK-based electronic money and crypto-assets firm. (Credit: Tezos on Unsplash)
Online trading platform Robinhood has reached an agreement to acquire UK-based electronic money institution and crypto-assets firm Ziglu for an undisclosed amount.
The proposed acquisition is part of its strategy to create its own crypto platform, and is in line with its plans to expand operations worldwide, said Robinhood.
The move follows the listing of four new cryptocurrencies, Compound (COMP), Polygon (MATIC), Solana (SOL) and Shiba Inu (SHIB), on its Robinhood Crypto, earlier this month.
With the acquisition of Ziglu, the company’s customers in the UK are allowed to buy and sell 11 different cryptocurrencies.
Also, they can earn rewards through its Boost products, pay using a debit card, and move and spend money, free of cost.
The closing of the acquisition is subject to regulatory approvals and other customary closing conditions.
Ziglu founder and CEO Mark Hipperson said: “Ziglu and Robinhood share a common set of goals, working to reduce the barriers to entry for a new generation of investors, and we’re excited to pursue that mission together.
“As part of Robinhood, we’ll supercharge Robinhood’s expansion across Europe and bring better access to crypto and its benefits to millions more customers.”
According to Robinhood, the team and technology at Ziglu would help advance its global expansion plans, both in the UK and across Europe.
The company assured that its acquisition will have nearly no impact on the current Ziglu customers, in the near term.
In the long term, Robinhood intends to more fully integrate Ziglu into its business, bring its brand overseas, and work on its expansion plans beyond the UK, into Europe.
Robinhood CEO and co-founder Vlad Tenev said: “Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts.
“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.”
Last year, the company secured more than $1bn in capital funding from its existing investors, including venture capital firms Sequoia Capital and Ribbit Capital.