Robinhood announced on April 19 that it has signed an agreement to acquire Ziglu, a UK-based cryptocurrency exchange platform. The US brokerage is once again demonstrating its commitment to strengthening its position in the UK and across Europe.
Robinhood signs deal to buy UK crypto app Ziglu
Robinhood is an online brokerage and investment app. It is one of the most popular brokers for commission-free stock trading in the US. Its main mission is to democratise the financial world among the entire population.
The company has always had ambitious goals and an interest in cryptocurrencies. The broker has already been making it possible to buy and sell several crypto-currencies such as Bitcoin (BTC), or Ether (ETH) for years. In October 2021, it allowed its users to withdraw their assets from the platform.
This Tuesday, April 19, Robinhood confirmed its intention to expand into the cryptocurrency market, announcing that it has signed an agreement to acquire Ziglu Limited, a UK-based cryptoasset company.
Through Ziglu, UK customers can buy and sell eleven crypto-currencies, earn returns on their cryptos, pay with a debit card, spend money even abroad, and all without fees.
Mark Hipperson, founder and CEO of Ziglu, said:
Ziglu and Robinhood share a common set of goals, working to lower the barriers to entry for a new generation of investors, and we are excited to pursue this mission together.
They are clear in their desire to enable everyone, across the globe, to invest in cryptocurrencies.
A desire to strengthen its position in Europe
With this acquisition, Robinhood wants to strengthen its position in Europe in order to offer new services to its users at unbeatable fees.
Ziglu’s CEO Mark Hipperson reiterated this desire to expand on the old continent:
“As part of Robinhood, we will boost Robinhood’s expansion across Europe and bring greater access to crypto and its benefits to millions more customers. “
The announcement of this agreement between Robinhood and Ziglu comes just days after the well-known crypto exchange platform Binance announced that it had chosen France to set up a startup incubator.
Cryptocurrency platforms have realised that Europe represents a real market with a population that has a strong interest in these types of assets. In Germany, a recent survey claims that 44% of Germans were willing to invest in cryptocurrencies.
Among the younger population, those who have received a better financial education than their elders thanks to the Internet and who are primarily looking to educate themselves on their own, the evidence is clear: interest in cryptocurrency investing is growing. In a very recent survey, over 50% of 18-25 year olds in France said they were interested in cryptos and NFTs.
The younger generations are evolving in the age of the all-connected, so they want to invest in two clicks on the Internet. It’s no wonder that digital platforms such as Robinhood or Ziglu have been gaining momentum in recent years.