Robinhood Acquires UK Crypto Firm Ziglu to Accelerate Expansion Across Europe
Nearly two years after the broker app indefinitely postponed its launch in that country, The California-based stock-trading company Robinhood announced it would acquire Ziglu, a U.K.-based crypto and payments company. Terms of the deal were not disclosed.
Ziglu allows U.K.-based customers to buy and sell 11 cryptocurrencies, earn a yield through its Boost products, pay using a debit card and move money across borders without fees, as reported.
"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," Mark Hipperson, Ziglu's CEO, said in a statement included in a Tuesday post on Robinhood’s blog.
Hipperson is no stranger to the challenger bank space. He was a founder and formerly chief technology officer for London-based neobank Starling.
"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," Robinhood CEO Vlad Tenev said in a post.
Robinhood said it wants to use the purchase to open its crypto platform to international customers and accelerate an expansion across Europe.
Source: Payments Dive
Subscribe Now
