Robinhood is expanding into the UK after agreeing to buy London-based crypto firm Ziglu. Financial terms of the deal were not disclosed.
Founded by former Starling Bank co-founder and CTO Mark Hipperson, FCA-approved Ziglu lets Brits buy and sell eleven cryptocurrencies, earn yield via its ‘Boost’ products, pay using a debit card, and move and spend money.
Earlier this year, Robinhood outlined plans to make a renewed push for international expansion, setting aggressive goals to start opening up its crypto platform to customers around the world.
In 2020, the company had abandoned its UK launch and put plans for global expansion on hold as it dealt with operational problems caused by an explosion of day trading in its core US market during the Covid-19 pandemic.
Robinhood says that in the near term, nothing will change for Ziglu customers but eventually it will integrate the UK outfit "more fully into Robinhood, bring the Robinhood brand overseas, and work to expand operations beyond the UK into Europe".
Vlad Tenev, CEO, Robinhood Markets, says: “Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”