Site icon Coinrevolution

Robinhood Set to Enter the UK Market After Signing Ziglu Acquisition

Robinhood Set to Enter the UK Market After Signing Ziglu Acquisition

Robinhood is a leading investments platform that allows users to invest in Crypto by paying through conventional payment options such as Credit and Debit Cards. Two years ago, the Menlo Park, CA-based fintech firm shelved its plan to expand into the UK market.

However, this is due to change after Robinhood signed a deal to acquire Ziglu, a London-based fintech firm that offers similar Crypto solutions.

With approval and accreditation from the UK Financial Conduct Authority (FCA), Robinhood will have the authority to operate in the UK, tapping into the growing Cryptocurrency market not only in the country but the European Union at large.


Robinhood is Reinviting Itself After a Turbulent 2021

In 2021, the American fintech had a turbulent time following the GameStop trading frenzy. Consequentially, Robinhood lost up to 35% in the quarter 1 2022 revenue compared to a similar performance last year. The new acquisition will likely boost the Q1 performance of less than $340 million in income.

Further, after the incident, the monthly active users on Robinhood plummeted from 17.3 million to 18.9 in the Q3 of 2021 to 17.3 million in the last quarter of the year. Ziglu’s client base will bridge the shortfall and ensure that the company continues its upward trajectory.


Leveling the Playing Field

According to Vlad Tenev, Robinhood’s founder and CEO, the acquisition will allow the enlarged team to explore synergies positively to create more opportunities for Crypto investors in the UK and the EU. They aim to level the playing field in financial markets to accelerate the adoption of Cryptocurrencies.

Mark Hipperson, Ziglu’s CEO, confirmed the deal and confirmed his commitment to using the opportunity to enable Robinhood to expand into Europe. The former co-founder of British digital bank Starling also highlighted the two tech firms have unity of purpose since they have shared goals.


Crypto Adoption is on Steroids

Investor sentiments for Crypto firms have been surging. Through the equity crowdfunding platform Seedrs, Ziglu raised £17.5 million and is currently valued at £85 million.

MoonPay is another Crypto tech firm that has attracted $87 million from celebrity investors such as Justin Bieber, reaffirming the notion that Cryptos are the ideal investments for long-term wealth maximization.

The revolution of Crypto investments platforms into global firms will improve the accessibility of Digital Assets to billions of people worldwide. The Robinhood acquisition of Ziglu will conquer the American and EU market and rival the fast-paced Middle East and North African (MENA) crypto market that is dynamic and growing. For instance, Dubai is a Crypto hub, and Binance is strategically positioning itself in the market through its plan to set up its headquarters in the global city.


Click to rate this post!
[Total: 0 Average: 0]
Exit mobile version