Robinhood acquires British crypto firm Ziglu to push expansion plans

Robinhood, a major cryptocurrency-friendly stock trading app, is pushing global expansion by acquiring the United Kingdom-based crypto asset firm Ziglu.

Robinhood officially announced Tuesday that the deal to acquire Ziglu was completed subject to regulatory approvals. Cointelegraph was not informed of the amount of the deal by the firm.

“Subject to regulatory approval in the near term nothing will change for existing Ziglu customers. Robinhood spokesperson said that long-term, Ziglu will be integrated more fully into Robinhood and the Robinhood brand will be brought overseas. They also plan to work on expanding operations beyond the U.K. into Europe.

Robinhood hopes to use the acquisition to expand internationally and eventually enter European markets. This acquisition is in line with Robinhood’s renewed expansion efforts in this year, after the platform had abandoned its ambitious plans to expand in countries such as the United Kingdom in 2020.

This aged well… https://t.co/OCQNby71Cw https://t.co/YgjYSHVGru
— Robinhood (@RobinhoodApp) April 19, 2022

Cointelegraph reported that Ziglu was founded in 2020 by Mark Hipperson, a former technology head at Barclays and Starling bank founder. Customers can use the digital platform to purchase and sell 11 cryptocurrencies, including Bitcoin (BTC), Ether(ETH) and other. Users can also earn rewards and pay for services with a Ziglu debit card.

Robinhood, a leading online brokerage, is known for its commission-free trading and investing platform in the United States. Robinhood was widely recognized in the crypto community when it began trading major cryptocurrencies such as BTC and ETH.

Related: FTX Expands to Europe With CySEC Approval

Robinhood has been pushing for development despite some controversy surrounding its trading policies and increased attention from U.S regulators over the past year. Robinhood announced plans to integrate the Lightning Network into its digital wallet in April 2022.

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