Crypto Exchange Ziglu Courting Buyers After Robinhood Deal Collapses: Report
Ziglu is also looking to raise $2.5 million to enable it to continue operating until it finds a buyer.
Mar 23, 2023 at 12:18 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5WKPKZKOI5DUBNKA74ND4QO4TQ)
Crypto trading platform Ziglu is talking with buyers interested in acquiring it for a lower price following the collapse of its acquisition deal with Robinhood Markets (HOOD), Sky News reported on Thursday.
The London-based firm is in discussions with a number of interested parties and is hiring investment bankers to oversee the sale, according to the report.
The firm is also looking to raise around 2 million British pounds ($2.5 million) at a valuation of $12.3 million to enable it to continue operating until it reaches a deal.
Robinhood agreed to acquire Ziglu for $170 million in a deal that would have given the U.S. online brokerage a fully regulated arm in the U.K. Robinhood, however, cut the offer to $72.5 million in August, and the deal subsequently collapsed.
Ziglu didn't immediately respond to a request for comment.
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Jamie Crawley is a CoinDesk news reporter based in London.