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Robinhood Is Buying A Crypto Exchange

June 6, 2024
x min read

Robinhood is ramping up their plans for crypto.

What’s happening:

  • Popular trading app Robinhood (NASDAQ: HOOD) has announced they have entered into an agreement to buy crypto exchange Bitstamp

Why it matters:

By the numbers:

  • Robinhood will acquire Bitstamp for $200M USD
  • Bitstamp currently holds 50 active licenses to operate their crypto exchange in countries around the world including Europe, Asia and the United States
  • In the last quarter, Robinhood generated $126M USD in revenue from crypto trading and digital asset transactions

Going deeper:

  • Bitstamp was one of the earliest crypto exchanges to ever launch and has been operating for more than a decade
  • Bitstamp was also a first mover in accelerating institutional adoption of digital assets and currently provides lending and staking opportunities for institutions globally

The intrigue:

  • Ripple Labs, the parent company behind popular crypto project Ripple, previously purchased an ownership stake in Bitstamp

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