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Robinhood Pens Offer to Acquire UK Crypto Company Ziglu in Bid to Broaden to Markets Outside the United States

Robinhood Pens Deal to Obtain UK Crypto Company Ziglu in Quote to Expand to Markets Outside the United States

Robinhood, the popular US-based stocks and crypto trading app, has actually announced the finalizing of a deal to get British fintech app Ziglu, an electronic cash institution that lets users buy and offer 11 various cryptocurrencies along with make payments overseas. This takes place to be Robinhood’s second significant push into the UK market after it deserted a plan to expand into the market in July 2020. The push likewise arrives just two weeks after the company extended crypto wallet services to more than two million United States customers.

“We have actually signed an arrangement to sign up with Robinhood and we could not be more excited,” Ziglu informed customers in a message as per The Block. “Ziglu and Robinhood share a typical DNA, working to lower the barriers to entry for a brand-new generation of investors, and we’re looking forward to pursuing that objective together.”

The company added that” [t] his agreement is subject to regulative approval, so for now, nothing will alter.”

“As we seek to broaden globally, we’re excited to announce that we have actually signed an offer to acquire Ziglu Limited, a UK-based electronic cash organization and crypto possession company, based on regulative approvals and other popular closing conditions,” Robinhood stated in its own statement.

Robinhood says that in the near term, absolutely nothing will alter for Ziglu consumers but eventually it will incorporate the UK clothing “more fully into Robinhood, bring the Robinhood brand overseas, and work to broaden operations beyond the UK into Europe”.

Vlad Tenev, CEO, Robinhood Markets, says: “Together with the Ziglu team, we’ll work to take advantage of the best of both business, checking out new methods to innovate and break down barriers for consumers across the UK and Europe.”

It stays to be seen whether the most recent move can assist reverse Robinhood’s slump in which shares have actually lost 40 percent this year, and as the business deals with a considerable slowdown in trading activity from retail investors– both in stocks and cryptocurrencies.Published at Wed, 20 Apr 2022 10:54:47 +0000

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