For a week, New York will be center of money-focused fight to slow climate change
Hungarian intelligence agency interviewed CEO linked to exploding Hezbollah pagers
Son of Uganda's president ends 2026 election bid
Hundreds of parachutists drop over Dutch heath to commemorate World War II operation
An Israeli strike on a school kills at least 22 people, Gaza Health Ministry says
US election uncertainty clouds UN climate finance progress
Seal marks her 50th birthday at a sanctuary. Sheba may be the oldest in captivity
Jackson marks 50th appearance for Chelsea with 2 goals in 3-0 win at West Ham
Oktoberfest is open. The world’s largest folk festival begins after ceremonial keg-tapping
Low brow and vulgar? Micro dramas shake up China's film industry, aim for Hollywood
Robinhood Markets Inc. is buying crytocurrency exchange Bitstamp for about $200 million in cash as the company looks to speed up its cryptocurrency expansion globally.
Bitstamp, founded in 2011, has offices in Luxembourg, the UK, Slovenia, Singapore, and the US. It has more than 50 active licenses and registrations worldwide and customers across the European Union, United Kingdom, United States and Asia.
Robinhood said Thursday that this will be its first institutional business.
"Bitstamp’s highly trusted and long standing global exchange has shown resilience through market cycles. By seamlessly coupling customer experience with safety across geographies, the Bitstamp team has established one of the strongest reputations across retail and institutional crypto investors,” Johann Kerbrat, general manager of Robinhood Crypto, said in a statement. “Through this strategic combination, we are better positioned to expand our footprint outside of the U.S. and welcome institutional customers to Robinhood.”
The deal is expected to close in the first half of next year.
The news comes a month after Robinhood Markets announced that it had received a notice from the Securities and Exchange Commission about alleged securities violations at its crypto division.
The company said in a regulatory filing that it received investigative subpoenas from the SEC about issues including cryptocurrency listings, custody of cryptocurrencies, and platform operations.
Robinhood Crypto has cooperated with the investigation, the company said.
Shares of Robinhood Markets rose more than 2% before the market open.
