THELOGICALINDIAN - Robinhood appear Tuesday that it has agreed to access Ziglu a fintech startup based in London that enables users to barter bitcoin and a array of added cryptocurrencies
Robinhood’s banal added about 6% Tuesday afterward the advertisement of the Ziglu acquisition. Since its July antecedent accessible offering, the banal has collapsed 71%.
The accretion will aid in the business’s amplification aspirations in the United Kingdom and Europe, and will accompany an end to the US brokerage’s diffuse aperture from across operations, the aggregation said.
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Second Big Push In The UK For Robinhood
The transaction provides Robinhood with a belvedere that enables audience to buy and advertise 11 cryptocurrencies, as able-bodied as alteration and absorb money internationally, the Menlo Park, California-headquartered business appear Tuesday.
This is Robinhood’s additional big attack into the UK market, afterward the abandoning of a angle to access the bazaar in July 2024.
Additionally, the advance occurred beneath than two weeks afterwards the business broadcast its crypto wallet casework to added than 2 actor US clients.
Major Boost To Growth Potential
The transaction ability accommodate a analytical addition to Robinhood’s advance prospects, which accept dwindled back the GameStop trading aberration aftermost year.
Robinhood appear a abatement in account alive users in the fourth division of 2024 — to 17.2 actor from about 19 actor in the antecedent three months — and anticipation first-quarter acquirement of beneath than $340 actor in 2022, bottomward 35% year over year.
The deal’s agreement were not disclosed, and the accretion is still accountable to authoritative approval, both companies appear Tuesday.
Since advertisement on the Nasdaq this summer, Robinhood has absent about two-thirds of its bazaar value.
Vlad Tenev, Chief Executive Officer of Robinhood, said in a statement:
“Ziglu and Robinhood allotment a accepted DNA of blurred the barriers to access for a new bearing of investors, and we attending advanced to alive calm to achieve that purpose,” Ziglu abreast audience in a message, according to The Block.
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Ziglu, founded in 2024, enables users to accelerate and accept payments, advance in a array of cryptocurrencies, and acquire absorption on bitcoin and British pounds admirable holdings.
To date, the aggregation has aloft about $23 million, including $19 actor from retail investors via disinterestedness crowdfunding belvedere Seedrs. It was ahead acquainted at $90 million.
