Stock and crypto trading platform Robinhood bought UK-based digital assets firm Ziglu
The financial terms involved in the acquisition remain unknown as of press time
Robinhood’s plans to leverage Ziglu’s presence in its European expansion
The American outfit also recently listed four cryptocurrencies including Shiba Inu and Solana.
US-based cryptocurrency exchange and equities trading app Robinhood has acquired Ziglu, a digital currency platform in the UK for an undisclosed amount.
According to the official statement released by the stock trading service, Ziglu’s acquisition complements a plan geared towards expanding the existing customer base and tapping markets across Europe.
Ziglu is a digital currency and virtual asset company based in London. The firm is regulated by the UK’s Financial Conduct Authority (FCA) to operate as an electronic money institution. Ziglu’s users can buy cryptos using a debit card issued by traditional banks.
The service also offers zero-fee transactions and provides support for 11 cryptocurrencies.
Commenting on the acquisition, Co-Founder and CEO Vlad Tenev spoke highly of Ziglu’s team and their achievements pertaining to the world of finance and blockchain-powered currencies.
Vlad referenced the stock trading app’s previous 2020 plan aimed at facilitating an aggressive expansion of its services. With the Ziglu deal in place, Vlad opined that the firm’s team will help to establish a presence across the UK and Europe.
Ziglu’s Founder and CEO Mark Hipperson also emphasized the complementary nature of both entities. Hipperson said:
Ziglu and Robinhood share a common set of goals, working to reduce the barriers to entry for a new generation of investors, and we’re excited to pursue that mission together. As part of Robinhood, we’ll supercharge Robinhood’s expansion across Europe and bring better access to crypto and its benefits to millions more customers.
Robinhood Lists Shiba Inu, Compound, Polygon, and Solana
The announcement comes shortly after the trading app set the crypto space alight with news of four new token listings. Users now have the option to buy and sell popular meme coin Shiba Inu, Compound’s native token COMP, layer 2 scaling protocol Polygon MATIC, and Ethereum competitor Solana SOL.