Robbinhood purchases Bitstamp Digital Asset Exchange for a sum of $200 million.
Take a Gander at Robinhood's Big Crypto Leap: Closing a Major Deal for $200 Million
Hear ye, hear ye! The gold rush we've been yearning for in the crypto sector just got a shot in the arm, thanks to the investment titan, Robinhood. The American-based platform has snatched up Bitstamp, a beast among the oldest crypto exchanges worldwide, for a cool $200 million in cold, hard cash. Let's dive into this epic acquisition!
The cat's outta the bag! Bitstamp, birthed in 2011, has been around for the crypto long-haul, boasting 50 active licenses across Europe, the UK, the U.S., and Asia. Servicing over 500,000 users and 5,000 corporate clients, this sale is a game-changer for Robinhood's global reign in crypto waters.
Bitstamp: The Heart of Robinhood's Crypto Empire
Robinhood's acquisition of the venerable Bitstamp symbolizes a mighty leap in beefing up its global crypto presence. Bitstamp, a firmstalwart in the industry, clocked $95 million in revenue over the past year, much of it swirling from institutional antics.
Johann Kerbrat, Robinhood's honcho, opined on the new development: "Bitstamp's history of credibility and its hard-earned kudos from individual and institutional investors are vital in bulking up our crypto offerings."
Bitstamp's Infrastructure: A Perfect Blend for Robinhood
What makes this union tantalizing is Bitstamp's cutting-edge services like crypto lending, staking, and white-label institutional infrastructure. Robinhood aims to merge these goodies into its Smart Order Routing and Legend systems to cast a wider net in the institutional crypto scene. Bitstamp CEO, JB Graftieaux, chimed in:
"Locking horns with Robohood's ecosystem will elevate qualities like compatibility, security, and user-centricity."
More Than Just a One-Trick Pony: Robinhood's Continued Expansion
Hot on the heels of the Bitstamp deal, Robinhood declared intentions to nab WonderFi, a Canadian crypto exchange, for a whopping $179 million. The plan is to ramp up its presence in the U.S. by capitalizing on this acquisition during the second half of 2022.
Robinhood's crypto revenue soared to an astounding $927 million in Q1 of 2022, positioning the platform as a significant newcomer to the global crypto race.
Robinhood has also set its sights on a blockchain-based securities scheme. The platform plans to tokenize American securities using Ethereum, Solana, and Arbitrum networks, offering them to European investors. This move could expedite the entanglement of traditional finance and the crypto milieu.
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Robinhood's newb acquisition, Bitstamp, adds technological innovation in crypto finance to its arsenal, which could further enhance its investing realm. The partnership brings Bitstamp's crypto lending, staking, and white-label institutional infrastructure into play, aiming to amplify Robinhood's Smart Order Routing and Legend systems for wider institutional appeal in the crypto sector.
Now with the recent deal worth $200 million for Bitstamp and the planned $179 million acquisition of WonderFi, Robinhood demonstrates its intention to serve a significant role in the global crypto race, marking its progress in tokenizing American securities using various blockchain networks and targeting European investors for the intertwining of traditional finance and the crypto milieu.
