UK-based bitcoin (BTC) and cryptocurrency exchange Bitstamp is set to be acquired by US financial services company Robinhood Markets. The agreement, which was communicated today through the official site of the European exchange, will be completed in mid-2025 for a sum of $200 million in cash. In the announcement, Johann Kerbrat, vice president and general manager of Robinhood, underlined the relevance of the union with Europe's largest cryptocurrency exchange, Bitstamp:
“The acquisition of Bitstamp is an important step in growing our cryptocurrency business. Bitstamp is a long-established and highly trusted global exchange that has demonstrated resilience in the market.” Johann Kerbrat, Vice President and CEO of Robinhood.
Through this addition, the largest in its 11 years of existence, Robinhood Markets' goal is to increase product offerings toward a further push for digital assets.
Regarding this, Kerbrat assured that the company intends to reach new financial horizons and reach new investors on other continents:
“Through this strategic combination, we are better positioned to expand our presence outside the US and welcome institutional clients to Robinhood.” Johann Kerbrat, Vice President and CEO of Robinhood.
Why did Robinhood Markets choose Bitstamp?
Bitstamp is one of the oldest bitcoin and cryptocurrency trading platforms in the world.. Founded by Damian Merlak and Nejc Kodric in August 2011, it is currently the largest in Europe. At the moment is positioned within the top 20 cryptocurrency exchanges on the CoinMarketCap web platform. The list contains 252 exchange sites in the digital ecosystem and, as reflected in the following image, Bitstamp occupies the 16th position with a daily trading volume of $241.205 million. In addition, it allows operations with 90 cryptocurrencies in 191 markets. On the other hand, Bitstamp allows its users to trade both US dollars (USD) and euros for various cryptocurrencies.
Bitstamp ranks among the top 20 cryptocurrency exchanges. Source: CoinMarketCap In turn, Bitstamp was considered for many years the provider of the “official bitcoin price” by most bitcoiners., for being the exchange with the longest history. This digital financial company offers its services to 5 million users and consists of a total of 51 global licenses and regulations. In 2019 it received BitLincense from the New York Department of Financial Services. This allows you to expand your operations to users living in the United States.