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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.