- Robinhood will acquire Ziglu after approval from regulators
- Nothing will change for Ziglu in the near term
- In long term, Robinhood will integrate Ziglu “more fully”
Robinhood signed an agreement to purchase British cryptocurrency exchange Ziglu Ltd to spread its presence to the UK and across Europe.
“As we look to expand internationally, we’re excited to announce that we’ve signed a deal to acquire Ziglu Limited, a UK-based electronic money institution and crypto-asset firm, subject to regulatory approvals and other customary closing conditions,” the company said in a blogpost Tuesday.
Ziglu allows UK-based customers to 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.
The statement mentioned that in the near term, nothing will change for Ziglu. Robinhood will eventually integrate Ziglu completely.
“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.”
Mark Hipperson, founder and CEO of Ziglu, 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.”
Last week, Robinhood enabled its customers to deal with four additional cryptocurrencies. These included the popular memecoin Shiba Inu (SHIB), Solana (SOL), Polygon (MATIC), and Compound (COMP).