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After Shiba Inu Itemizing, Robinhood Acquires UK Crypto Platform Ziglu to ‘Rev Up Enlargement Plans’ ⋆ ZyCrypto

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After Shiba Inu Listing, Robinhood Acquires UK Crypto Platform Ziglu to 'Rev Up Expansion Efforts'

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Robinhood, a preferred inventory and crypto buying and selling app, has agreed to buy London-headquartered crypto agency Ziglu. The acquisition comes as Robinhood dips its toes additional into the crypto waters amid rising curiosity.

Robinhood Buys UK-Regulated Crypto Agency

Robinhood emerged as a go-to avenue for US buyers because the COVID-19 pandemic struck in March 2020. Nevertheless, Robinhood has been making an attempt to launch within the UK as a part of its international enlargement endeavors to no avail. The Menlo Park, California-based agency paused the roll-out of its fee-free stock-trading app within the UK indefinitely again in 2020 following strain from U.S. lawmakers.

By shopping for Ziglu, Robinhood seems to be making one other try at increasing past the US. “Ziglu’s spectacular workforce of deeply skilled monetary companies and crypto specialists will assist us speed up our international enlargement efforts,” Robinhood co-founder and CEO Vladimir Tenev remarked in a Tuesday weblog publish. 

Pending regulatory approval, the monetary phrases of the settlement haven’t been revealed. Nonetheless, with this acquisition, Robinhood is now the proud proprietor of one of many few cryptocurrency firms licensed by the Monetary Conduct Authority (FCA) to function in the UK.

Ziglu was awarded the UK digital cash license in 2020. The crypto fintech permits the buying and selling of 11 crypto property and likewise gives yield on the crypto deposits of their UK clients.

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Buy To Give Robinhood Foothold In Crypto Business

After altering how buyers commerce shares, Robinhood has been eyeing increasing into the remainder of the monetary business. Evidently, crypto is without doubt one of the sectors the agency has sights on.

Simply final week, Robinhood added assist for a number of cryptocurrencies, together with the market’s second-largest meme coin Shiba Inu (SHIB).

Through the Bitcoin 2022 Miami convention, Robinhood shared plans so as to add the Lightning Community to its platform to facilitate quicker BTC transactions. The agency additionally has a waitlist of two million customers that need entry to the platform’s crypto deposit and withdrawal characteristic.

As for Ziglu, Robinhood intends to combine it totally within the long-term because it continues its enlargement past the UK into Europe. Suffice to say, a Ziglu buy might give Robinhood a foothold within the crypto business, giving it the flexibility to shortly develop its attain on this burgeoning business.