On April 19, the crypto-friendly stock trading company Robinhood announced on their blog post published on the official website that they have signed the deal that allows them to acquire the UK-based electronic money institution and crypto-asset firm, Ziglu Ltd.
The agreement is still under regulatory approvals and closing conditions and both parties declined to share the coverage of the deal until it is finalized.
A spokesperson from Robinhood told Cointelegraph News on April 19 that nothing would change for the current users of Ziglu in the near term.
However, it is still under regulatory approval. As for the long term effect of the agreement, the Robinhood spokesperson said that they would ‘integrate Ziglu more fully into Robinhood, bring the Robinhood brand overseas and work to expand operations beyond the UK into Europe.’
In Robinhood’s blog post, the stock trading company said that it is its mission to ‘democratize finance for all’ by reaching out to people all over the world. According to the Robinhood blog, acquiring Ziglu is part of their efforts to open their crypto platform to international users.
Through Ziglu, it is now possible for UK-based crypto users to buy and sell up to eleven cryptocurrencies while also earning their yield via Boost products. Along with this, UK-based users can also pay for their crypto using their debit card while also sending and receiving money abroad without fees.
Robinhood envisions that Ziglu’s team and technology could help accelerate the international expansion of Robinhood across Europe and the UK.
‘Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts.
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’ said Vlad Tenev, Robinhood Market’s CEO and Co-founder.
According to Mark Hipperson, the CEO and founder of Ziglu, ‘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.’
As part of Robinhood, Ziglu will help in giving millions of users better access to crypto while also helping to supercharge the expansion of Robinhood across Europe.
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