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FILE - Electronic screens in New York's Times Square announce the Robinhood IPO, July 29, 2021. Robinhood Markets Inc. is buying crytocurrency exchange Bitstamp, Thursday, June 6, 2024, for about $200 million as the company looks to speed up its cryptocurrency expansion globally. (AP Photo/Mark Lennihan, File)

Robinhood buying crytocurrency exchange Bitstamp for about $200 million

Robinhood Markets Inc. is buying crytocurrency exchange Bitstamp for about $200 million as the company looks to speed up its cryptocurrency expansion globally

By Michelle Chapman
Published - Jun 06, 2024, 07:57 AM ET
Last Updated - Jun 06, 2024, 07:57 AM EDT

Robinhood Markets Inc. is buying crytocurrency exchange Bitstamp for about $200 million in cash as the company looks to speed up its cryptocurrency expansion globally.

Bitstamp, founded in 2011, has offices in Luxembourg, the UK, Slovenia, Singapore, and the US. It has more than 50 active licenses and registrations worldwide and customers across the European Union, United Kingdom, United States and Asia.

Robinhood said Thursday that this will be its first institutional business.

"Bitstamp’s highly trusted and long standing global exchange has shown resilience through market cycles. By seamlessly coupling customer experience with safety across geographies, the Bitstamp team has established one of the strongest reputations across retail and institutional crypto investors,” Johann Kerbrat, general manager of Robinhood Crypto, said in a statement. “Through this strategic combination, we are better positioned to expand our footprint outside of the U.S. and welcome institutional customers to Robinhood.”

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