Categories: Bitcoin Latest News

Robinhood To Buy Bitcoin and Crypto Exchange Bitstamp For $200M

Robinhood has agreed to acquire leading Bitcoin and crypto exchange Bitstamp for $200 million in cash, marking a major expansion of its Bitcoin and crypto business. The deal is expected to close in the first half of 2025.

BREAKING: ROBINHOOD BUYS #BITCOIN AND CRYPTO EXCHANGE BITSTAMP FOR $200 MILLION. pic.twitter.com/Q9LfBDw3Di

— Bitcoin Magazine (@BitcoinMagazine) June 6, 2024

Founded in 2011, Bitstamp is one of the world’s oldest and most established crypto exchanges. It operates across Europe, Asia and the U.S., with over 50 licenses globally. The acquisition will bring Bitstamp’s institutional and retail customers under Robinhood’s umbrella.

Robinhood aims to leverage Bitstamp’s reputation for resilience and trust to bolster its own Bitcoin and crypto offerings. Bitstamp underwent over a decade of market cycles and maintained high-security standards. 

The purchase comes as Robinhood faces scrutiny from the SEC over its crypto division. However, Bitcoin and crypto remain a key driver of growth, with transaction revenue from crypto trading jumping 40% last year. Acquiring an established platform like Bitstamp could significantly expand Robinhood’s global reach.

Robinhood general manager Johann Kerbrat said the deal is a “major step in growing our crypto business” and will help Robinhood “expand our footprint outside of the U.S. and welcome institutional customers.” Robinhood CEO Vlad Tenev says, “We believe crypto will fundamentally reorganize the financial system.”

Robinhood has already been offering Bitcoin and crypto trading services in the EU. But buying Bitstamp provides a ready-made base of customers and regulatory licensing across multiple jurisdictions.  As Bitcoin demand increases, the acquisition positions Robinhood to capture growing trading volumes.

Read More[#item_full_content]Bitcoin Magazine – Bitcoin News, Articles and Expert Insights

Recent Posts

All Eyes on Bitcoin

Bitcoin saw explosive growth immediately after the recent U.S. presidential elections, rising and retaking the…

48 minutes ago

Bitcoin Miner IREN Surges on Renewed AI Interest, Possible BTC Dividend Payment

Bitcoin miner IREN (IREN) rose nearly 30% on Wednesday after executives said the company had…

48 minutes ago

The Protocol: Bitcoin Bridged Trustlessly to L2; Ethereum’s Blob Mob

Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech…

48 minutes ago

Bitcoin Pumps Above $97K, Then Dumps, as Ether, XRP Surge 7%

Bitcoin zoomed above $97,000, bringing hopes of breaching the landmark $100,000 level on social media,…

48 minutes ago

Looking to Earn More on Dogecoin? This Bitcoin Layer-2 Will Use DOGE for Yields

Bitcoin layer-2 network GOAT will soon let dogecoin (DOGE) users stake their tokens to earn…

48 minutes ago

UltraShort Bitcoin ETF Offering 2x Inverse Returns Sees Record Volume as BTC Holds Above $90K

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark.…

48 minutes ago