Stock and cryptocurrency exchange Robinhood has signed an agreement to acquire U.K.-based electronic money institution and cryptocurrency asset firm Ziglu Limited, according to a Tuesday (April 19) company blog post.
Ziglu allows U.K. customers to buy and sell 11 cryptocurrencies, earn yield via its Boost products, pay using a debit card and move and spend money around the world with no fees.
“Like Robinhood, Ziglu believes that the new era of digital money brings a multitude of opportunities, and Ziglu exists to make those opportunities accessible to everyone,” the blog post says. “Their talented team and technology will help us accelerate our international expansion, both in the UK and across Europe.”
Earlier this year, Robinhood announced plans to open its cryptocurrency platform to customers around the world.
“Ziglu and Robinhood share a common set of goals, working to reduce the barriers to entry for a new generation of investors, and we’re excited to pursue that mission together,” Mark Hipperson, founder and CEO of Ziglu, said in the blog post.
“As part of Robinhood, we’ll supercharge Robinhood’s expansion across Europe and bring better access to crypto and its benefits to millions more customers,” he said.
Robinhood plans to integrate Ziglu into its platform in the long term, bringing Robinhood’s brand overseas and expanding across Europe.
“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts,” Vlad Tenev, CEO and co-founder of Robinhood Markets, said in the blog post.
“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,” he said.
Last week, Tenev asked a question on Twitter that’s been on very few peoples’ minds: Can dogecoin “truly be the future currency of the internet and the people” that bitcoin was intended to be? He came to the conclusion that it’s possible, with two big upgrades.