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2 Years Later Robinhood Agrees to Acquire Crypto App Ziglu

CNBC  Crypto-decoded | Ryan Brown | Apr 19, 2022

Robinhood to acquire ziglu - 2 Years Later Robinhood Agrees to Acquire Crypto App ZigluRobinhood said Tuesday it has agreed to buy Ziglu, a London-based fintech app that allows users to trade bitcoin and several other cryptocurrencies. The acquisition will help in its expansion plans in the U.K. and Europe, the company said.

The announcement comes nearly two years after Robinhood halted plans to launch in the U.K. At the time, the company said it was prioritizing its business at home over international expansion.

Shares of Robinhood climbed more than 5% Tuesday.

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The deal could provide a crucial boost to growth prospects for Robinhood, whose performance has weakened since the GameStop trading frenzy last year.

Vlad Tenev, Robinhood’s CEO and co-founder, said the purchase of Ziglu “will help us accelerate our global expansion efforts.  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,” Tenev said in a blog post.

Founded in 2018, Ziglu allows users to make payments, invest in a range of cryptocurrencies and earn interest on holdings of bitcoin and British pounds sterling.

The company has raised a total of £17.5 million ($22.8 million) to date, including £13.4 million from retail investors through the equity crowdfunding platform Seedrs. It was last valued at £85 million.

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It is one of the few crypto concerns that has managed to register with the U.K.’s Financial Conduct Authority. Registration is a key requirement for digital asset firms looking to operate in the country.

The regulator recently extended a deadline for firms to make the cut after numerous companies withdrew their applications.

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NCFA Jan 2018 resize - 2 Years Later Robinhood Agrees to Acquire Crypto App ZigluThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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