Robinhood, the favored US-based shares and crypto buying and selling app, has introduced the signing of a deal to accumulate British fintech app Ziglu, an digital cash establishment that lets customers purchase and promote 11 totally different cryptocurrencies in addition to make funds abroad. This occurs to be Robinhood’s second main push into the UK market after it deserted a plan to develop into the market in July 2020. The push additionally arrives simply two weeks after the corporate prolonged crypto pockets companies to greater than two million US clients.
“We have signed an settlement to affix Robinhood and we could not be extra excited,” Ziglu informed clients in a message as per The Block. “Ziglu and Robinhood share a typical DNA, working to scale back the obstacles to entry for a brand new era of traders, and we’re wanting ahead to pursuing that mission collectively.”
The agency added that “[t]his settlement is topic to regulatory approval, so for now, nothing will change.”
“As we glance to develop internationally, we’re excited to announce that we have signed a deal to accumulate Ziglu Restricted, a UK-based digital cash establishment and crypto asset agency, topic to regulatory approvals and different customary closing situations,” Robinhood mentioned in its personal assertion.
Robinhood says that within the close to time period, nothing will change for Ziglu clients however finally it would combine the UK outfit “extra absolutely into Robinhood, convey the Robinhood model abroad, and work to develop operations past the UK into Europe”.
Vlad Tenev, CEO, Robinhood Markets, says: “Along with the Ziglu crew, we’ll work to leverage one of the best of each corporations, exploring new methods to innovate and break down obstacles for patrons throughout the UK and Europe.”
It stays to be seen whether or not the most recent transfer may also help reverse Robinhood’s downturn wherein shares have misplaced 40 % this yr, and because the firm faces a big slowdown in buying and selling exercise from retail traders — each in shares and cryptocurrencies.
