Robinhood Acquires Cross-Exchange Crypto Trading Firm Cove Markets

Cove’s co-founders and markets team will join Robinhood as part of the acquisition.

Dec 14, 2021 at 11:16 p.m. UTC
Updated Dec 15, 2021 at 3:21 p.m. UTC

No-fee trading app Robinhood has acquired cross-exchange trading platform Cove Markets to help ensure quality trade executions for its users, the company said in a blog post Tuesday. The terms of the deal were not disclosed.

  • Cove co-founders Scott Knudsen and Victoria Glava as well as the Cove Markets team will join Robinhood’s crypto team as part of the acquisition.
  • The crypto team will focus on “obtaining quality executions for customers in the crypto market,” Robinhood said in the post.
  • Cove’s “wealth of experience in trading execution and crypto market infrastructure will help us to build more powerful trading capabilities, bringing the benefits of better competition in the crypto markets to our customers,” said Christine Brown, the chief operating officer of Robinhood Crypto.
  • Cove Markets was launched three years ago to help users manage their accounts and use tools to build their portfolios.

UPDATE (Dec. 15, 15:17 UTC): Clarified the goal of the acquisition in the first sentence.

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Michael Bellusci is CoinDesk's crypto payments reporter.