Robinhood acquires crypto firm Ziglu for the European expansion of its services. Ziglu is a crypto asset firm and also an electronic money institution. This is good because the exchange has been finding itself in a tough spot after the Doge mania subsided. The revenue from crypto transactions on Robinhood has fallen significantly from its peak and might continue to go lower. Therefore, expanding to more countries to reach a wide audience is a good approach.
Robinhood acquires crypto firm Ziglu
Robinhood’s acquisition is a direct result of its desire to expand its service on a global scale. The company says it wants to “democratize finance for all.” It also added that, therefore, they had set goals to offer services internationally. Now, the first step to this could be to reach the audience in the European Nation. EU is one of the largest crypto markets after the US, and Robinhood is bound to find a wide user base there.
Ziglu’s CEO said that they have common goals with Robinhood and will help in their expansion in Europe. For now, their customer bases will stay separate, but with time, Robinhood will be integrating Ziglu into its platform, allowing them to reach other nations and also take their customer base.
Robinhood also offers stock trading services on the same platform. But they do not plan to offer those services globally. The company’s chief brokerage officer believes that crypto is going to get more traction on a global scale and therefore comes first.
Ziglu’s aim is one of justice and financial inclusion, allowing anybody to effortlessly, safely, and inexpensively engage in the world of cryptocurrencies. It provides transparent, low-cost, and simple access to a variety of cryptocurrencies such as Bitcoin, Bitcoin Cash, Ether, and Litecoin. Customers of Ziglu have the flexibility to spend, swap, and send money where, when, and how they choose using our Mastercard debit card. They are valued at more than 85 million Euros, with their last funding round of 7 million Euros in November 2021.
What are your thoughts as Robinhood acquires crypto firm Ziglu? And do you think that their expansion internationally will help increase their crypto revenue and profits consistently? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.