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Robinhood to Acquire UK-Based Crypto Asset Firm Ziglu
Summary: Robinhood, a commission-free online brokerage, acquired Ziglu Limited, a UK-based electronic money institution and crypto asset firm, in an effort to democratize finances worldwide, according to a Robinhood press release Tuesday. Mark Hipperson, founder and CEO of Ziglu, announced the acquisition on his Twitter saying “Democratising finance has always been my passion and with @RobinhoodApp ...
Robinhood, a commission-free online brokerage, acquired Ziglu Limited, a UK-based electronic money institution and crypto asset firm, in an effort to democratize finances worldwide, according to a Robinhood press release Tuesday.
Mark Hipperson, founder and CEO of Ziglu, announced the acquisition on his Twitter saying “Democratising finance has always been my passion and with @RobinhoodApp we share a common goal. Working to reduce the barriers to entry for a new generation.” However, the acquisition is still waiting for regulatory approval.
“Ziglu and Robinhood share a common set of goals, working to reduce the barriers to entry for a new generation of investors, and we’re excited to pursue that mission together,” said Hipperson. “As part of Robinhood, we’ll supercharge Robinhood’s expansion across Europe and bring better access to crypto and its benefits to millions more customers.”
Ziglu currently offers 11 cryptocurrencies users can buy. Users can also earn yield via their ‘Boost’ products, pay using a debit card, and move and spend money, even abroad, without fees. Robinhood also offers 11 cryptocurrencies for its users, adding four more as of last week: COMP, MATIC, SHIB and SOL.
“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts,” said Vlad Tenev, CEO and Co-Founder of Robinhood Markets. “Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”
Ziglu closed a $9 million crowdfunding round at the end of 2021, which came in slightly more than their 2020 round which raised close to $8 million.
“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts,” said Vlad Tenev, CEO and Co-Founder of Robinhood Markets. “Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”
Robinhood gained immense notoriety in January 2021 after it froze many accounts from trading, citing market volatility. The public outcry was enormous and negative but has since cooled off substantially. Now they are viewed as the commission-free brokerage they have always wanted to be known for.
Author: Tyler Irvin
