Robinhood to Acquire Cross-exchange Trading Platform Cove Markets

US-based online broker Robinhood announced on Tuesday that it has acquired Cove Markets, a cross-exchange trading platform that makes it easier for people to manage their crypto accounts.

​As part of the deal, co-founders Scott Knudsen and Victor Glava, as well as the Cove Markets team, will join the Robinhood crypto team. 

According to the official press release, Robinhood and Cove Markets share a common goal of making investing in cryptocurrencies simpler and lower cost. With the Cove Markets team on board, the company will continue building a world-class crypto trading platform. The team will focus on obtaining quality executions for customers in the crypto market. 

"We started Cove Markets three years ago to help crypto investors get the most out of their trading experience," said Scott Knudsen, CEO and Co-Founder of Cove Markets. "Now, we are excited to join Robinhood to help build a world-class platform that can improve trading for millions of customers." 

"Scott, Victor and the Cove Markets team will bolster our crypto trading platform and help us strengthen our leadership in the crypto industry," said Christine Brown, Chief Operating Officer of Robinhood Crypto. "Their wealth of experience in trading execution and crypto market infrastructure will help us to build more powerful trading capabilities, bringing the benefits of better competition in the crypto markets to our customers."

​As Fazzaco reported earlier,  Robinhood has announced the addition of Frances Frei​ to its Board of Directors, along with the departure of Jan Hammer,  effective December 31.