{"id":14488,"date":"2024-06-07T07:00:06","date_gmt":"2024-06-07T04:00:06","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=14488"},"modified":"2024-06-07T07:00:06","modified_gmt":"2024-06-07T04:00:06","slug":"robinhood-bets-big-on-crypto-with-200-million-deal-for-bitstamp","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=14488","title":{"rendered":"Robinhood bets big on crypto with $200 million deal for Bitstamp"},"content":{"rendered":"
<\/div>\n

Trading platform Robinhood Markets (HOOD.O) said on Thursday it has agreed to buy crypto exchange Bitstamp for about $200 million in cash, speeding up a broader push into digital assets with its biggest-ever deal.Robinhood, whose shares were up 3.4 per cent before the bell, has been looking to expand its product offerings to become a full-fledged financial services provider.<\/p>\n

The acquisition of Bitstamp, which was founded in 2011 and holds 50 active licenses and registrations globally, puts Robinhood in direct competition with industry giants such as Binance and Coinbase (COIN.O).<\/p>\n

Bitstamp\u2019s core spot exchange, popular in Europe and Asia, has over 85 tradable assets, and the deal is expected to power the growth of Robinhood Crypto.<\/p>\n

\u201cWe are in our early days in the EU and we are excited to keep expanding there and beyond. The acquisition of Bitstamp will accelerate our global expansion,\u201d Johann Kerbrat, vice president and general manager of Robinhood Crypto, told Reuters.<\/p>\n

The deal, expected to close in the first half of 2025, comes at a time when Robinhood\u2019s crypto business is seeing rapid growth but also facing regulatory hurdles in the United States.<\/p>\n

Kerbrat said the company intends to keep communicating with regulators as it moves forward.<\/p>\n

Robinhood\u2019s crypto business was the driving force behind a massive first-quarter earnings beat in May, but that same week, it also disclosed that it received a so-called Wells notice from the US Securities and Exchange Commission over tokens traded on its platform.<\/p>\n

The notice is issued when the regulator plans to bring enforcement action against a company.<\/p>\n

The markets regulator has argued that crypto tokens should be considered securities and subject to its registration rules. Crypto firms, on the other hand, have accused the SEC of overreach.<\/p>\n

Robinhood\u2019s stock has surged 69 per cent this year after saying it plans to focus on \u201cprofitable growth\u201d. Analysts expect it is primed for more gains amid a resurgence of retail trading and increasing crypto adoption.<\/p>\n

Barclays Capital and Galaxy Digital were the exclusive financial advisers to Robinhood and Bitstamp, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"

Trading platform Robinhood Markets (HOOD.O) said on Thursday it has agreed to buy crypto exchange Bitstamp for about $200 million in cash, speeding up a broader push into digital assets with its biggest-ever deal.Robinhood, whose shares were up 3.4 per cent before the bell, has been looking to expand its product offerings to become a … Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":14489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[7817,9913,403,11201,7073,186,1512,803,426,80,4288,11657,2403,641,379,201,1312,11826,6454,3767,1991,34,1004,4843,4220,7310,7591,5062,10244,8521,12128,1806,3798,11808,10273,544,380,9705,9617],"class_list":["post-14488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-acquisition","tag-adoption","tag-asia","tag-assets","tag-binance","tag-business","tag-cash","tag-coinbase","tag-competition","tag-crypto","tag-crypto-exchange","tag-deal","tag-driving","tag-earnings","tag-eu","tag-europe","tag-expansion","tag-financial-services","tag-first-quarter-earnings","tag-growth","tag-industry","tag-markets","tag-power","tag-president","tag-product-offerings","tag-rapid-growth","tag-registration","tag-regulators","tag-retail","tag-robinhood","tag-robinhood-markets","tag-services","tag-shares","tag-speeding","tag-stock","tag-united-states","tag-us","tag-vice","tag-vice-president"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nRobinhood 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