Robinhood Markets Inc Acquires Crypto App Ziglu Limited

Online discount broker Robinhood Markets Inc. (HOOD) will buy Ziglu Limited, a London-based fintech app that allows users to trade Bitcoin and other major cryptocurrencies. Robinhood, known for its fee-free stock trading, said the acquisition would renew its global expansion drive.

Robinhood, which has been offering trading in major cryptocurrencies such as Bitcoin and Ethereum since 2018, initially planned to launch in the UK in 2020, but due to pandemic uncertainty, the idea Was dropped by the company. Robinhood's acquisition of Ziglu is consistent with the recent launch of the long-awaited crypto wallet for 2 million users by discount brokers. 

Ziglu is among 33 crypto companies registered with the Financial Conduct Authority (FCA) since last year, promoting Robinhood's expansion of crypto products in the UK.

After a $9.1 million funding round in October 2021, Ziglu was valued at $101.8 million. The company did not disclose the specific terms of the transaction but said it was subject to regulatory approvals and other customary closing conditions. Robinhood said he hopes to eventually integrate Ziglu into the platform and expand its business across Europe.