Robinhood's $200M Bitstamp deal to launch Singapore crypto services
Robinhood Markets Inc. plans to launch cryptocurrency trading services in Singapore through its Bitstamp subsidiary by late 2025.
The online brokerage has not set an exact launch date but expects to begin rolling out services by the end of next year, according to Bloomberg.
Johann Kerbrat, Robinhood Crypto’s vice president and general manager, said Bitstamp’s licenses in Singapore and its institutional business were key factors in the acquisition.
In June 2024, Robinhood agreed to acquire Bitstamp for $200 million to expand its institutional crypto services in the U.S. and internationally.
Bitstamp received in-principle approval from the Monetary Authority of Singapore last year, and the acquisition is expected to close in 2025, pending regulatory approval.
Robinhood noted strong customer demand for memecoins, despite recent controversies.
The fallout from "Libragate," a memecoin launch that wiped out over $4 billion in market value on Feb. 14, has not dampened retail interest.
Memecoins surged in popularity after the launch of the Official Trump (CRYPTO:TRUMP) token on Jan. 18, backed by Donald Trump's advisory team.
Robinhood reported $358 million in crypto revenue for Q4 2024, making up more than half of its $672 million transaction-based revenue.
Crypto trading volumes surged over 450% year-over-year to $71 billion, while assets under custody increased 75% quarter-on-quarter to $35 million.
Singapore has emerged as a major hub for digital assets in the Asia-Pacific region, attracting global firms with structured regulations and tokenisation initiatives.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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