Robinhood a cryptocurrency exchange and stock trading app founded in the United States, has purchased Ziglu, a digital currency platform in the United Kingdom for an undisclosed sum. After abandoning its U.K. expansion in 2020, Robinhood has revived its global development goals through its recent acquisition.
The acquisition of Ziglu by Robinhood was officially announced on Tuesday, subject to regulatory approvals and other closing conditions.
According to a statement made by the stock trading firm, Ziglu’s acquisition is part of a strategy aimed at growing the company’s existing customer base and expanding into new areas across Europe.
“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 U.K. into Europe,” a Robinhood representative stated.
Ziglu is a London-based digital currency and virtual asset firm. The Financial Conduct Authority (FCA) of the United Kingdom regulates the company as an electronic money institution. Users of Ziglu can purchase cryptos with a debit card provided by a standard bank.
The service now supports 11 cryptocurrencies and allows zero-fee transactions. Co-Founder and CEO Vlad Tenev praised Ziglu’s team and their accomplishments in the field of finance and blockchain-powered currencies in response to the acquisition.
In the United States, Robinhood is a large online brokerage noted for providing a commission-free investing and trading platform. After launching the trading of major cryptocurrencies such as BTC and ETH in 2018, Robinhood became well-known in the crypto industry.
Robinhood has recently pushed forward with its development. Early in April 2022, the company announced plans to integrate the Lightning Network into its digital wallet function for an additional 2 million customers.
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