By Alicia Maher
The crypto industry has witnessed a considerable increase in adoption and usage in the past decade, which has led to competitiveness in the industry. However, crypto companies continue to move into countries with favourable crypto regulations.
According to a recent report, Robinhood has revived its worldwide development aspirations by purchasing the British cryptocurrency business Ziglu after the cancellation of its planned entry into the United Kingdom in 2020.
Crypto Industry Continue To Witness More Expansion
Robinhood, a leading crypto-friendly stock trading software, is expanding its worldwide reach by purchasing the bitcoin asset provider Ziglu, which is located in the United Kingdom.
Following a formal announcement on Tuesday, Robinhood confirmed that it had signed an agreement to buy Ziglu, which is subject to legal clearances and other final conditions. The amount of the transaction was not disclosed to the public by the company.
“In the short run, there will be no changes on the platform for existing Ziglu subscribers, pending clearance by the regulatory authorities. We want to incorporate Ziglu more extensively into Robinhood in the long run, as well as to develop the Robinhood global brand and to extend operations outside the United Kingdom into Europe,” a Robinhood representative stated.
The purchase is intended to assist Robinhood in accelerating its international growth and ultimately entering markets in the U.k. as well as across the rest of Europe. Following Robinhood’s reinvigorated development ambitions in 2022, after the platform had abandoned its planned growth plans in nations such as the Uk back in 2020.
Ziglu Exchange
The Ziglu cryptocurrency exchange was formed in 2020 by Mark Hipperson, a longtime Barclays technology executive and co-founder of the Starling bank, according to Cointelegraph. The company offers a digital interface that enables clients to purchase and trade eleven different digital currencies, including Bitcoin, Ethereum, and other popular cryptos. Users may also earn incentives and make payments for services on the Ziglu platform, which accepts debit cards.
Robinhood is a prominent online brokerage company in the United States that is well-known for providing trading and investing services without any extra charges. Robinhood gained widespread recognition in the cryptocurrency industry when the business began offering trading in major cryptos such as Bitcoin and Ethereum in 2018.
Although there has been some criticism surrounding its trading regulations and heightened scrutiny from U.S. authorities in 2021, Robinhood has been actively investing in growth in recent years. At the beginning of April, the corporation announced intentions to incorporate the Lightning Network into its virtual wallet functionality, which will be available to over 2 million customers.