Robinhood, a stock trading app, is strengthening its position in the cryptocurrency market through the acquisition of Bitstamp exchange for $200 million. This move will allow Robinhood to cater to institutional clients in the US, pending regulatory approval, with the deal expected to be finalized by the first half of 2025. The decision to acquire Bitstamp was driven by the increasing demand for cryptocurrency products among customers. Since 2018, Robinhood has been enhancing its crypto offerings, starting with Bitcoin and Ether trading. The acquisition will grant Robinhood access to Bitstamp's institutional-grade services like lending, staking, and white-label solutions. Despite the acquisition, Bitstamp will retain its branding and regulatory licenses. This development signifies a significant step in Robinhood's crypto expansion strategy, as stated by Johann Kerbrat, the general manager of Robinhood Crypto. Read more AI-generated news on: https://app.chaingpt.org/news