Robinhood Buys Crypto Exchange Bitstamp For $200M

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Robinhood Buys Crypto Exchange Bitstamp For $200M

Robinhood announced on Thursday its plans to purchase cryptocurrency exchange Bitstamp for approximately $200 million, aiming to scale up its global digital asset services.

Robinhood Buys Crypto Exchange Bitstamp For $200M : Deal Details and Legal Advisors

Robinhood Markets Inc. has entered into an agreement to acquire Bitstamp Ltd. in a cash transaction valued at around $200 million, though the final amount may be subject to adjustments. Latham & Watkins LLP served as the legal adviser for Robinhood, with additional regulatory counsel from Slaughter and May and Simmons & Simmons LLP. The legal representation for Bitstamp was not disclosed.

Bitstamp: A Veteran Crypto Exchange

Founded in 2011, Bitstamp operates out of Luxembourg and is one of the longest-running cryptocurrency exchanges. It facilitates trading between fiat currencies and cryptocurrencies, including bitcoin, catering to both retail and institutional investors. With licenses and registrations in over 50 jurisdictions, Bitstamp provides a robust platform for crypto-asset and digital token trading.

Robinhood Buys Crypto Exchange Bitstamp For $200M : Strategic Expansion for Robinhood

Robinhood, a key player in the 2021 “meme stock” phenomenon, views this acquisition as a significant move to enhance its global reach. The California-based e-trader plans to leverage Bitstamp’s established presence to access markets in the European Union, the U.K., and Asia.