Cryptocurrency stock trading application, Robinhood, has acquired Ziglu; a crypto asset firm based in the United Kingdom. This has been marked as one of it’s moves to expand globally. The stock trading company has signed a deal to acquire Ziglu. However this deal is subject to certain closing conditions and regulatory approvals.
According to a spokesperson for Robinhood ‘the integration with Ziglu will be conducted in phases.’
The spokesperson said, “Subject to regulatory approval, in the near term, nothing will change for current Ziglu customers. Longer-term, we’ll integrate Ziglu more fully into Robinhood, bring the Robinhood brand overseas and work to expand operations beyond the UK into Europe.”
Robinhood hopes that the acquisition of Ziglu will help accelerate its expansion into the international markets, as well as finally provide a gateway into the United Kingdom and across Europe.
The stock trading platform had to abort expansion plans back in 2020 for some reasons and ‘regulation’ is a major contributing factor.
Robinhood attracted the attention of US regulators last year and the company has also rolled out its digital wallet feature for 2 million additional users at the beginning of April 2022.