Robinhood Makes Largest Acquisition Yet, Buys Bitstamp Cryptocurrency Exchange for $200 Million from best buy black friday Watch Video
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⏲ Duration: 0:44 👁 View: 995K times ✓ Published: 07-Jun-2024
Description: Robinhood has agreed to acquire cryptocurrency exchange Bitstamp for $200 million in cash, its largest acquisition to date. Bitstamp was founded in 2011 and holds over 50 licenses and registrations globally, which will help Robinhood expand internationally. Bitstamp will power the growth of Robinhood Crypto and become its first institutional business, offering over 85 tradable assets, including staking and lending products. The acquisition aims to accelerate Robinhood's global expansion plans, especially in Europe and Asia, where Bitstamp is popular. Robinhood's stock has risen nearly 70% this year, boosted by a resurgence in retail trading and growing cryptocurrency adoption.