Trading app Robinhood plots global expansion with acquisition of UK crypto firm Ziglu
California-based stock trading app Robinhood has acquired Ziglu, a UK-based electronic money institution and cryptoasset firm, for an undisclosed sum.
Founded in 2018, Ziglu allows users to buy and sell up to 11 cryptocurrencies, make payments using a debit card and move and spend money abroad, without fees.
The deal forms part of Robinhood’s mission to “democratise finance” as it looks to “start opening our crypto platform up to customers internationally”, the company says.
Ziglu founder and CEO Mark Hipperson says: “Ziglu and Robinhood share a common set of goals, working to reduce the barriers to entry for a new generation of investors.”
Ziglu will ultimately be fully integrated into the Robinhood brand and platform, with the acquisition intended to “supercharge” Robinhood’s further international expansion beyond the UK and Europe and expand access to crypto to millions more customers.
“Ziglu’s team of financial services and crypto experts will help us accelerate our global expansion efforts,” says Vlad Tenev, CEO and co-founder of Robinhood.