Retail investing app Robinhood has signed a deal to acquire Ziglu, a UK-based electronic money institution and cryptoasset firm.
With Ziglu, Robonhood said UK-based customers will be able to buy and sell eleven cryptocurrencies, earn yield via its ‘Boost’ products, pay using a debit card, and move and spend money, even abroad, without fees.
Like Robinhood, Ziglu believes that the new era of digital money brings a multitude of opportunities, and Ziglu aims to make those opportunities accessible to everyone.
In a statement on its website, Robinhood said its mission is to democratise finance, which can only be achieved if the company reaches people around the world, which is why earlier this year the company set goals to open up its crypto platform to customers internationally.
In the near term, nothing will change for current Ziglu customers, but long term Ziglue will be integrated more fully into Robinhood. The acquisition is subject to regulatory approvals and closing conditions.
Mark Hipperson, founder and CEO of Ziglu, said, “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. 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.”
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