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Stock - trading appRobinhoodis diving event deep into the cryptocurrency kingdom with the skill of crypto exchangeBitstamp .
Robinhoodon Thursday said it expectsthe final dealings time value to be around $ 200 million and the deal to conclude in the first half of 2025 .
Robinhood is get it on for its gillyflower - trading service , allowing average consumers to enthrone in some of the populace ’s largest publically traded companies , but it has beenmoving further into crypto territoryover the years . The fellowship has sum support for many of the most democratic cryptocurrencies , let in Bitcoin , though itrestricted some of the crypto it supportslast year due to regulatory scrutiny in the U.S.
More crypto and global expansion
Today ’s business deal signalise California - based Robinhood ’s continued push not only into crypto , but also its international expansion efforts . The ship’s company launched its marrow line - trading product inthe U.K. last Novemberandstarted offering crypto tradingin the European Union ( EU ) before long subsequently .
Founded in Europe in 2011 , Bitstamp is among the earth ’s oldest cryptocurrency exchanges , allow for companies and someone to trade all manner of cryptocurrency . It was acquired by a Belgian investment party called NXMH in2018and last year , Ripple buy a stake , too .
Robinhoodwent public in mid-2021 , and as with many firms that fared well during the pandemic , the company assure its initial good portion crumple as the man ( and investor sentiment ) returned to normalcy . The company ’s IPO valuation of$32 billionsurged to more than $ 40 billion at one degree , before steady decline well below the $ 10 billion fall guy for much of the past two year .
However , the trading app has seen its evaluation more than double in the preceding twelvemonth to $ 19 billion , buoyed byrecord profit . In itsQ1 2024 reportin May , Robinhood said its monthly participating users had increased 16 % year - on - year to 13.7 million , while its taxation rose 40 % to $ 618 million . Notably , the ship’s company said its transaction - based tax income had risen by 59 % to $ 329 million , principally driven by a 232 % increase in cryptocurrency income , which came to $ 126 million .
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With Bitstamp under its flank , Robinhood says it will be better put to place retail and institutional crypto investors across Europe , Asia and the U.S. Bitstamp currently holds more than 50 licenses and registrations to go in these markets .
“ The acquisition of Bitstamp is a major footmark in produce our crypto business , ” Robinhood ’s crypto universal handler , Johann Kerbrat , say in a instruction . “ The Bitstamp team has established one of the strongest reputations across retail and institutional crypto investor . Through this strategic combination , we are well lay to expand our footprint outside of the U.S. and welcome institutional client to Robinhood . ”
