Robinhood Agrees to Acquire UK Crypto Platform Ziglu
Ziglu was approved to offer crypto services in the U.K. by the Financial Conduct Authority in 2020.
Online brokerage platform Robinhood (HOOD) has agreed to acquire London-based crypto platform Ziglu, giving it a Financial Conduct Authority-regulated arm in the U.K.
- No financial terms were disclosed for the deal announced Tuesday, which is subject to regulatory approval.
- Ziglu offers buying and selling services for 11 cryptocurrencies as well as a "Boost" product that earns users yield on their holdings.
- The firm won approval to offer crypto services in the U.K. by financial watchdog the Financial Conduct Authority (FCA) in 2020, the third firm to gain such approval.
- Ziglu raised over $7 million on crowdfunding site Seedrs in November, the largest fundraise on Seedrs in 2021.
- Robinhood's long-term goal is to move Ziglu more fully into its own platform to "bring the Robinhood brand overseas," according to the blog post.
- "Ziglu's impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts," said Vlad Tenev, Robinhood's CEO and co-founder, in a statement.
- Robinhood last attempted to expand into the U.K. market at the start of 2019, but shelved the plans a year-and-a-half later to focus its efforts on the U.S.
UPDATE (April 19, 14:04 UTC): Added background on Ziglu.
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