Robinhood Signs Agreement to Acquire Ziglu
The agreement is part of the company's “aggressive goals” to expanding into the UK and Europe.
Stock and cryptocurrency exchange Robinhood Crypto has signed a deal to acquire Ziglu Limited, a UK-based electronic money institution and cryptoasset firm, in an effort to start opening their crypto platform up to customers internationally.
The deal, which is subject to regulatory approvals and other customary closing conditions, is part of the “aggressive goals” set by Robinhood to expand internationally. “Our mission to democratize finance for all – wrote the company in a statement – can only be achieved if we reach people around the world. Like Robinhood, Ziglu believes that the new era of digital money brings a multitude of opportunities, and Ziglu exists to make those opportunities accessible to everyone. Their talented team and technology will help us accelerate our international expansion, both in the UK and across Europe.”
With Ziglu, UK-based customers can buy and sell eleven cryptocurrencies, earn yield via its ‘Boost’ products, pay using a debit card, and move and spend money, even abroad, without fees. In the near term, nothing will change for current Ziglu customers. Longer term, Robinhood will integrate Ziglu in order to bring the Robinhood brand overseas and work to expand operations beyond the UK into Europe.
“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,” said Mark Hipperson, Founder and CEO of Ziglu. “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.”
“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts,” said Vlad Tenev, CEO and Co-Founder of Robinhood Markets. “Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”
After the announcement, shares of Robinhood rose roughly 5% on Tuesday.