Crypto
Robinhood is buying the crypto exchange Bitstamp for $200 million
Robinhood is purchasing U.K.-based crypto exchange Bitstamp for $200 million in order to expand outside the U.S. The trading platform aims to expand its global presence in cryptocurrency and attract institutional clients with new product offerings.
The acquisition is an all-cash deal expected to close in the first half of 2025.
Johann Kerbrat, the general manager of Robinhood Crypto, told The Wall Street Journal that the decision to purchase the exchange was driven by increasing customer demand for cryptocurrency products.
“Everything we’ve been doing in the past few years has been because our engagement from customers has been that they want more crypto products,” he said in an interview with the WSJ.
The news of the acquisition comes as the Securities and Exchange Commission is monitoring Robinhood’s crypto arm for allegedly violating securities laws.
Robinhood has long been a crypto advocate and was one of the first platforms to allow Dogecoin trading on its app. As a result, 62% of its crypto revenue came from Dogecoin in 2021. Moreover, it launched a cryptocurrency wallet in the same year that gained popularity among investors.
Bitstamp was established in 2011 and has become one of Europe’s largest cryptocurrency exchanges. Currently, it offers spot trading for nearly 100 cryptocurrencies, along with services like staking and lending.
For this deal, Barclays Capital Inc. was Robinhood’s exclusive financial advisor, while Galaxy Digital Partners LLC served as Bitstamp’s exclusive financial advisor. The team of Bitstamp will collaborate with Robinhood to foster innovation and knowledge sharing across continents, per the release.
“Bringing Bitstamp’s platform and expertise into Robinhood’s ecosystem will give users an enhanced trading experience with a continuing commitment to compliance, security, and customer-centricity,” said JB Graftieaux, CEO of Bitstamp.
This is not the first time that a U.S.-based crypto company is has shown interest in expanding globally. In the past, Coinbase has also expressed an interest in making a stake overseas.
WESTLAKE, Ohio – A convenience store clerk at 1:30 p.m. on Nov. 26 alerted a police dispatcher that a female customer was feeding large amounts of cash into a cryptocurrency ATM at the store on Center Ridge Road at Dover Center Road.
The clerk said the customer would not believe the clerk’s warning that she was being scammed.
Officers arrived to find the 71-year-old still “anxiously depositing” cash into the machine. Officers told her to stop, but she did not believe the uniformed men. The officers talked to her for several minutes before she finally believed that there was an issue. She was still on the phone with the scammer at the time.
The incident started that morning when the victim received a pop-up message on her home computer instructing her to call a provided support phone number due to a supposed issue with the computer’s operating system. She called the number and was connected to a man who claimed he was a representative from Apple, according to a police department press release.
The man talked her into allowing him remote access to her computer while he asked for her bank information. The scammer talked the victim into believing that there was a problem with her accounts, and she was at risk of losing $18,000 in connection with pornographic websites out of China or Mexico.
She was connected to a fake fraud department for her bank, and another scammer persuaded her to go to a bank and withdraw as much cash as they would allow. The scammer even told her to give the teller a story about needing cash to buy a car. The perpetrator kept the woman on the phone as she took out cash and traveled to the crypto ATM. The victim had deposited approximately $5,500 before officers persuaded her to stop. The Westlake Detective Bureau is attempting to recover the lost funds.
Get police blotters by email every weekday for free with our new Police Blotter newsletter. Sign up at cleveland.com/newsletters.
Read more from the West Shore Sun.
Tether is the largest stablecoin issuer with $186 billion of its USDT tokens in circulation. The company previously took an
Westlake police say cryptocurrency scam cost woman over $5,000
Reservists’ families protest outside Finance Minister’s home
Ditch sit-ups and crunches — this 5-move standing abs workout will help you build a stronger and more sculpted core
‘Black Rabbit, White Rabbit’ Review: Disqualified for the Oscars, Tajikistan Drama Is an Inviting, Meandering Meta-Narrative
Horvath to Heidenreich on 4th-and-goal leads No. 22 Navy to a 17-16 win over Army
Florida High School Football Rankings: Top 25 teams – Oct. 21
Cleary's 21 help Le Moyne down Central Connecticut State 69-64 in OT
How old is Bo Nix? What to know about Oregon quarterback ahead of 2024 NFL Draft
99th annual Pony Swim held in Virginia
Video: ‘It Didn’t Have to Happen This Way:’ U.Va. Faculty Call for Review of Police Response to Protests
Video: At Least Two Killed in Shooting at Brown University
FBI ousts reinstated whistleblower over unauthorized media talks, ‘poor judgment’
EU dismisses Russia’s lawsuit against Euroclear as ‘speculative’
Multiple people shot near Brown University, police say
Inside Minnesota’s $1B fraud: fake offices, phony firms and a scandal hiding in plain sight
-
Alaska1 week agoHowling Mat-Su winds leave thousands without power
-
Texas1 week agoTexas Tech football vs BYU live updates, start time, TV channel for Big 12 title
-
Ohio1 week agoWho do the Ohio State Buckeyes hire as the next offensive coordinator?
-
Washington4 days agoLIVE UPDATES: Mudslide, road closures across Western Washington
-
Iowa6 days agoMatt Campbell reportedly bringing longtime Iowa State staffer to Penn State as 1st hire
-
Miami, FL7 days agoUrban Meyer, Brady Quinn get in heated exchange during Alabama, Notre Dame, Miami CFP discussion
-
Cleveland, OH6 days agoMan shot, killed at downtown Cleveland nightclub: EMS
-
World6 days ago
Chiefs’ offensive line woes deepen as Wanya Morris exits with knee injury against Texans
