The stock of a well-known stock trading app On Tuesday, Robinhood’s stock gained by 5% after the company said that it had struck an agreement to buy Ziglu, a London-based cryptocurrency trading app, as part of its plan to expand into the UK and Europe.
The partnership would “assist” Robinhood’s expansion throughout the United Kingdom and Europe, according to the company. GETTY IMAGES/JAKUB PORZYCKI/NURPHOTO
Robinhood has agreed to buy Ziglu, a British fintech software that allows users to buy and sell 11 different cryptocurrencies as well as conduct international payments.
According to a joint announcement from both firms on Tuesday, the deal’s terms were not disclosed, and the acquisition is still pending regulatory approval.
On the news, Robinhood stock jumped around 5%, providing a little reprieve from the company’s ongoing troubles, which have seen it lose roughly two-thirds of its market value since going public on the Nasdaq last summer.
The news is part of Robinhood’s “aggressive aspirations” to expand its cryptocurrency trading platform to overseas consumers, and it comes just two weeks after the business expanded crypto wallet services to over two million US customers.
In a press statement, Robinhood stated that its long-term goal is to “integrate” Ziglu consumers onto its platform as part of its intentions to “accelerate” international expansion into the UK and Europe.
Vlad Tenev, the CEO and co-founder of Robinhood, argued that the transaction will “transport the Robinhood brand overseas” and aid his company’s international expansion. In a press release, he added, “We’ll work together with the Ziglu team to use the best of both firms, discovering new ways to innovate and break down barriers for clients across the U.K. and Europe.”
