Robinhood Markets agreed to acquire Ziglu, a London-based crypto and payments company, ending the U.S. brokerage’s long pause on international expansion.
The acquisition would give Robinhood a platform that allows customers to buy and sell 11 cryptocurrencies as well as move and spend money abroad, the Menlo Park, California-based company said Tuesday in a statement. Terms weren’t disclosed.
Robinhood tabled its plans to expand in Europe and Asia as U.S. retail trading exploded after the start of the pandemic. “Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the U.K. and Europe,” Robinhood CEO Vlad Tenev said in the statement.
The acquisition would also give Robinhood a jump-start in the U.K.’s crypto industry, which is subject to stringent anti-money-laundering regulations. Ziglu is among
Shares of Robinhood rose 1.8% to $11.19 at 10:44 a.m. in New York. The stock has plunged 71% since its July initial public offering.
— With assistance from Emily Nicolle.
