Robinhood acquired Bitstamp for $200 million
On June 6, US-based multi-asset trading platform Robinhood announced plans to acquire global crypto exchange Bitstamp.
This acquisition brings to Robinhood Bitstamp's extensive retail and institutional customer base in the EU, UK, US and Asia, significantly expanding its global footprint outside the US.
Robinhood to Improve Crypto Services with Bitstamp Acquisition
Robinhood aims to improve its crypto services by acquiring Bitstamp. Bitstamp brings to the table over 50 active licenses and registrations worldwide. This allows Robinhood to integrate a popular institutional business with its ecosystem.
Acquiring Bitstamp also means that Robinhood will enter the institutional space with ready connections, infrastructure and products. Bitstamp's core spot exchange – which offers more than 85 tradable assets, stocks and credit services – will strengthen Robinhood's crypto offerings.
Read more: How to Buy and Sell Crypto at Robinhood: A Step-by-Step Guide
Johannes Kerbrat, General Manager of Robin Hood Crypto, stated that the acquisition of Bitstamp represents a significant step forward in their crypto business expansion efforts. He credits Bitstamp for its enduring global exchange, which has proven its resilience through various market cycles.
“By seamlessly combining customer experience with security across geographies, the Bitstamp team has established one of the strongest players in retail and institutional crypto investors,” said Kerbrat.
From Bitstamp's perspective, CEO JB Graftieaux discussed the benefits of integrating with the Robinhood ecosystem. He pointed out that this integration will improve the shopping experience of users.
“The world's longest running cryptocurrency exchange, Bitstamp is recognized as one of the most trusted and transparent crypto platforms worldwide. “Bringing Bitstamp's platform and expertise to the Robinhood ecosystem will provide users with an enhanced business experience through our continued commitment to compliance, security and customer centricity,” explained Graftieaux.
Read more: 10 Best Crypto Exchange Reviews for June 2024
Robinhood expects the final deal to be valued at approximately $200 million in cash, subject to customary purchase price adjustments. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025. Barclays Capital Inc. Galaxy Digital Partners LLC acted as financial advisor while serving as sole financial advisor to Robinhood. Bitstamp
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