Robinhood has reached an agreement to acquire Ziglu, a London-based cryptocurrency and payment systems company, in a move that ends the long “pause” of the US financial company’s international expansion.
The acquisition will provide Robinhood with a platform that allows customers to buy and sell 11 cryptocurrencies, as well as transfer and spend money internationally, said the American company based in Menlo Park, California.
The terms of the agreement were not made public, according to Bloomberg.
Robinhood had recently mentioned its plan to expand to Europe and Asia, following the explosion of micro-investor activity from its platform following the onset of the coronavirus pandemic.
“Together with the Ziglu team, we will work to leverage the two companies’ best reserves, exploring new ways to innovate and overcome barriers for our customers in the UK and Europe,” said Robinhood CEO Vlad Tenev.
The share of Robinhood did not show any particular reaction after the news was published. Since its IPO in July 2021 in New York, it has plunged 71%.
Source: Capital
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