Robinhood Begins European Expansion, Acquiring Regulated UK-Based Crypto Firm Ziglu – Ziglu, a London-based crypto asset provider, and electronic money institution is being acquired by Robinhood, a Nasdaq-listed trading platform. The purchase is part of Robinhood’s global expansion strategy. “Robinhood sees a huge possibility in serving customers all around the world,” says the company.
Robinhood, a popular U.S.-based trading platform, announced on Tuesday that it had agreed to buy Ziglu, a licensed cryptocurrency startup.
“This is the reason why we revealed that we have set great targets to open our cryptocurrency platform up to clients abroad earlier this year,” Robinhood said, stating its mission to democratize finance for everyone.
The trading platform added:
“We’re delighted to announce that we’ve inked an agreement to purchase Ziglu Limited, a UK-based cryptoasset corporation and electronic money institution as part of our worldwide expansion strategy.”
According to Robinhood, the purchase is “subject to regulatory clearances and other usual closing conditions.”
Ziglu, which was founded in 2014, allows ordinary investors in the United Kingdom to buy and sell 11 cryptocurrencies. Users can also earn yield through Ziglu’s “Boost” products, pay with a debit card, and transfer and spend money without fees anywhere in the world, according to the release.
The Financial Conduct Authority regulates the cryptocurrency company in the United Kingdom. When it raised £7 million last November, the company was valued at £85 million.
In January, Robinhood revealed its global expansion plans, noting that it “believes in the big potential of the cryptocurrency economy and sees a major opportunity in serving clients around the world.”
In February, Steve Quirk, Robinhood’s chief brokerage officer, stated that the company’s global development will be “crypto first.” From a regulatory sense, he feels that the best way for Robinhood to go global and gain the most traction is probably through crypto, followed by other components of the service.
Over two million Robinhood clients now have access to bitcoin wallets. This month, the site extended support for four more cryptocurrencies, including meme crypto shiba inu.