Robinhood has agreed to buy European cryptocurrency exchange Bitstamp for $200mn, accelerating the US retail broker’s expansion outside its home market and into digital assets.
The Californian group said on Thursday its purchase of the one of the world’s oldest cryptocurrency exchanges would also mark its first foray into targeting institutional investors. Shares in the company rose 5.4 per cent in early trading to their highest level since December 2021.
Robinhood is seeking to capitalise on a renewed wave of demand from investors for digital assets as the price of bitcoin trades close to its record high.
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