Robinhood is purchasing European crypto exchange Bitstamp with the aim of global expansion...!

Trading platform Robinhood (HOOD) announced its plan to acquire Bitstamp, one of Europe's largest crypto exchanges, within the framework of its expansion goals outside the USA.

The purchase agreement was reported as $200 million, to be paid entirely in cash. The transactions are expected to be completed in the first half of next year. With this acquisition, Robinhood has plans to expand its institutional customer base while revealing its goal of expanding its crypto asset operations globally.

Bitstamp is among the largest crypto exchanges in Europe

Founded in 2011, based in England, Bitstamp is one of the oldest crypto exchanges and one of the largest crypto trading platforms in Europe.

Bitstamp currently offers spot trading of more than 85 cryptocurrencies. However, the crypto platform also offers services such as corporate lending and staking. As reported by the exchange, Bitstamp is licensed in more than 50 jurisdictions and is regularly audited by a global auditing company.

Johann Kerbrat, General Manager of Robinhood's Crypto Division, made the following statements about the purchase:

"The acquisition of Bitstamp is an important step in growing our crypto business. With this strategic move, we will be better positioned to expand our footprint outside the US and attract institutional customers to Robinhood."

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