Key Takeaways:
- Robinhood Markets Inc. agreed to acquire Ziglu Ltd.
- With Ziglu, users can buy and sell eleven cryptocurrencies in the U.K.
Robinhood Markets Inc. agreed to acquire Ziglu Ltd. It is a London-based crypto and payments company. This has ended the U.S. brokerage’s long wait for international expansion. The exchange will provide Robinhood with a platform that will allow customers to trade 11 digital currencies as well as move and burn through cash internationally, Menlo Park, California-based company said with respect to Tuesday (April 19) in an articulation.
Robinhood has made a brilliant strategic move by partnering with Ziglu, which shares the same goals as the brokerage firm. Robinhood wants to capitalise on the burgeoning cryptocurrency market by allowing its customers to use the digital era of money. Robinhood’s expansion into the European market will be accelerated thanks to Ziglu, which will attract millions of users.
The acquisition also gives Robinhood a head start in the UK’s crypto market. UK’s crypto market is governed by strict anti-money laundering laws. The Financial Conduct Authority’s register of cryptoasset businesses lists Ziglu as one of 34 companies. More than a hundred businesses have yet to receive this honour, putting them in a regulatory limbo.
Robinhood chief executive officer Vlad Tenev said in the statement that “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.”
