Price: $0.38707 2.526%
Market Cap: 56.86B 1.752%
Volume (24h): 8.04B 0.4%
Dominance: 1.752%
Price: $0.38707 2.526%
Market Cap: 56.86B 1.752%
Volume (24h): 8.04B 0.4%
Dominance: 1.752% 1.752%
  • Price: $0.38707 2.526%
  • Market Cap: 56.86B 1.752%
  • Volume (24h): 8.04B 0.4%
  • Dominance: 1.752% 1.752%
  • Price: $0.38707 2.526%
Home > Information news > Robinhood Agrees To Buy Bitstamp For $200 Million, Aims To Compete With Coinbase And Binance

Robinhood Agrees To Buy Bitstamp For $200 Million, Aims To Compete With Coinbase And Binance

Release: 2024/06/07 23:09 Reading: 238

Original author:Inside Bitcoins

Original source:https://coinmarketcap.com/community/articles/66631945fa38ef20de3fb8a2

Robinhood Agrees To Buy Bitstamp For $200 Million, Aims To Compete With Coinbase And Binance

Robinhood Acquires Bitstamp for $200 Million

In a strategic move to expand its digital asset operations, Robinhood Markets has acquired crypto exchange Bitstamp for approximately $200 million. This acquisition will bolster Robinhood Crypto's global reach and enable the platform to compete with leading exchanges like Coinbase and Binance.

"The acquisition of a global exchange will significantly accelerate Robinhood Crypto's global expansion," said Bitstamp in a statement. "Bitstamp brings over 50 active licenses and registrations worldwide, expanding Robinhood's customer base across the EU, UK, US, and Asia."

Bitstamp currently operates with around 500 employees and offices in Luxembourg, Singapore, Slovenia, the UK, and the US.

Robinhood Enters Competition with Coinbase and Binance

With this acquisition, Robinhood positions itself as a formidable competitor to crypto exchange giants Coinbase and Binance. Bitstamp's core spot trading services are particularly popular in Europe and Asia, providing access to over 85 tradable assets.

"The acquisition of Bitstamp will accelerate our global expansion," said Johann Kerbrat, Robinhood's Vice President and General Manager.

Regulatory Scrutiny Amid Growth

Despite its recent success, Robinhood has faced regulatory scrutiny. The company disclosed that it received a Wells Notice from the US Securities and Exchange Commission (SEC) on May 6, which could potentially result in enforcement action by the regulator.

The SEC has accused Robinhood Crypto of securities violations under the Securities Exchange Act of 1934, according to a filing.

Robinhood has expressed disappointment with the SEC's action, claiming that it has made good-faith efforts to work with the agency and comply with US regulations.

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