Robinhood ramps up crypto ambitions with $200m deal to buy Bitstamp

THE Robinhood trading platform says it has agreed to buy crypto exchange Bitstamp for around $200 million.

Bitstamp, which has been trading digital assets for 13 years, currently holds 50 registrations and licences, meaning the purchase would see Robinhood fulfil its stated ambition to become an out-and-out financial services provider. The Bitstamp exchange has almost 90 tradeable assets.

The move, if approved, would also instantly thrust it into direct market competition with crypto exchange big guns like Coinbase and Binance.

"We are in our early days in the EU and we are excited to keep expanding there and beyond," said Robinhood's Johann Kerbrat.

"The acquisition of Bitstamp will accelerate our global expansion."

Kerbrat, who is Vice President and General Manager of Robinhood Crypto, said the company's intention was to maintain full engagement with US regulators in order to ensure the deal for Bitstamp could be closed by Q1 2025.

Robinhood already has the shadow of the Securities and Exchange Commission looming over it in the form of a Wells Notice that was issued earlier this year, meaning the SEC is looking at the possibility of legal proceedings against the firm.