Stock trading app Robinhood is expanding its presence in the cryptocurrency industry by acquiring the Bitstamp cryptocurrency exchange.
Robinhood will purchase Bitstamp in a $200 million deal, enabling the app to serve institutional clients in the United States.
The deal, subject to regulatory approval, is expected to be finalized in the first half of 2025.
The decision to buy the exchange was due to customers wanting increasingly more cryptocurrency products, Johann Kerbrat, the general manager of Robinhood Crypto, told WSJ, according to a June 6 report:
“Everything we’ve been doing in the past few years has been because our engagement from customers has been that they want more crypto products,”