Robinhood announced Tuesday it will purchase London-based crypto firm Ziglu as part of the trading platform’s global expansion.
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- U.K.-based users of Robinhood can access 11 cryptocurrencies with Ziglu, earn yield, pay with debit cards, and send crypto across borders.
- Robinhood had attempted to break into the U.K. market in early 2019 but postponed the plan indefinitely in 2020 to focus on its home U.S. market.
- Financial terms regarding the acquisition have not been disclosed.
- Robinhood has seen its number of monthly active users decline in Q4 of last year to 17.3 million from 18.9 million in the previous quarter.
- The trading platform expects a 35% annual revenue drop in Q1 of 2022, due to an unexpected GameStop (GME) trading frenzy that took place in Q1 of 2021.
- Ziglu is the third firm to gain the Financial Conduct Authority’s (FCA) approval to provide crypto services in the U.K.