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.
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00:00It's Benzinga, and here's what's on the block.
00:02Robinhood has agreed to acquire cryptocurrency exchange Bitstamp for $200 million in cash in
00:08its largest acquisition to date. Bitstamp was founded in 2011 and holds over 50 licenses
00:14and registrations globally, which will help Robinhood expand internationally.
00:18Bitstamp will power the growth of Robinhood Crypto and become its first institutional business,
00:22offering over 85 tradable assets, including staking and lending products.
00:27The acquisition is aimed at accelerating Robinhood's global expansion plans,
00:30especially in Europe and Asia where Bitstamp is popular.
00:34Robinhood's stock has risen nearly 70% this year, boosted by a resurgence in
00:38retail trading and growing cryptocurrency adoption. For all things money, visit Benzinga.com.