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Robinhood Announces It Will Acquire Cove Markets -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com — Online discount brokerage available after the Tuesday bell Robinhood Markets Inc (NASDAQ: ) announced the acquisition of Cove Markets – a cryptocurrency trading platform that crosses borders.

After-hours trading saw shares of Robinhood fall 2.9%

“With the Cove Markets team on board, we’ll continue building a world-class crypto trading platform. Robinhood also stated in a statement that they will work with the team to ensure the highest trade execution possible in crypto market.

Robinhood provided few details in a blog posting, however they did confirm that Cove co-founders Scott Knudsen (with the existing Cove team) will be joining Robinhood’s cryptocurrency team.

“Scott, Victor and the Cove Markets team will bolster our crypto trading platform and help us strengthen our leadership in the crypto industry,” said Christine Brown, Chief Operating Officer of Robinhood Crypto. “Their wealth of experience in trading execution and crypto market infrastructure will help us to build more powerful trading capabilities, bringing the benefits of better competition in the crypto markets to our customers.”

Robinhood recently expanded its crypto business. Bloomberg reported that Chainalysis is a blockchain data platform and Robinhood hired them to help with compliance. Bloomberg said the company is currently working on a new feature which would enable users to send crypto to other users using digital gift cards.

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