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Robinhood to Buy London-based Fintech Ziglu -Breaking

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© Reuters

Sam Boughedda

Investing.com —  Robinhood Markets Inc (NASDAQ: ) posted on its blog Tuesday, that it signed a deal with Ziglu to buy the UK’s “electronic currency institution” and “cryptoasset company.”

The shares of this popular app-based trader rose 3.4% Tuesday.

Robinhood will wait to launch in the UK. According to the company, however, Ziglu’s deal with Robinhood will allow it to expand in Europe and the UK more quickly.

Robinhood posted that Ziglu customers will be able to purchase and sell 11 cryptocurrency, gain yield with its “Boost”, pay with their debit cards, and travel abroad free of fees.

“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts,” said Vlad Tenev, CEO and Co-Founder of Robinhood Markets. 

Adding: “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.”

JMP Securities analyst, following the announcement, stated that Robinhood’s expansion in crypto should be accelerated by the transaction.

 

 

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