Breaking news

Robinhood Buys One Of The Largest Crypto Exchanges For $200 Million

200 million dollars. Such an offer is being prepared by Robinhood Markets, co-owned by the Bulgarian Vlad Tenev, for the purchase of one of the largest crypto exchanges in the world – Bitstamp. 

KEY FACTS 

  • Trading platform Robinhood Markets announced it has agreed to buy crypto exchange Bitstamp for about $200 million in cash, accelerating its broader foray into digital assets to become a full-fledged financial services provider, the company said.
  • This is Robinhood’s largest deal to date. Before the start of trading, the shares of the company, co-owned by Bulgarian Vlad Tenev, rose by 3.4%.
  • The acquisition of Bitstamp, founded in 2011 with 50 active licenses and registrations worldwide, puts Robinhood in direct competition with industry giants such as Binance and Coinbase. The exchange has offices in Luxembourg, UK, Slovenia, Singapore and the US and has more than 50 active licenses and registrations worldwide, as well as clients in the EU, US, UK and Asia.
  • This acquisition will introduce Robinhood’s first institutional business and expand the company’s global expansion.
  • The deal is expected to boost Robinhood Crypto’s growth.

IMPORTANT QUOTE

“The acquisition of Bitstamp is an important step in the growth of our crypto business. Bitstamp’s highly reliable and long-standing global exchange has shown resilience through market cycles,” Johan Kerbrat, vice president and general manager of Robinhood Crypto, told Reuters.

ACCENT

The deal, which is expected to close in the first half of 2025, comes as Robinhood’s crypto business is experiencing rapid growth but also faces regulatory hurdles in the US. The company said it intends to continue communicating with regulators as the deal moves forward.

BIG NUMBER

69%. That’s how much growth Robinhood’s shares have reported since the beginning of the year. Analysts expect the company is poised for higher earnings amid a resurgence in retail trade and greater cryptocurrency adoption.

Cyprus Outlines Strategic Digital Priorities Ahead Of EU Council Presidency

At the Telecommunications Council in Brussels, Cyprus set forth its digital and technological agenda for its upcoming EU Council Presidency. Deputy Minister Nicodemos Damianou, representing Cyprus in the domains of research, innovation, and digital policy, positioned the nation as a forward-thinking champion of regulatory reform and technological advancement.

Strengthening Europe’s Competitive Edge

European ministers convened to deliberate on critical issues including digital competitiveness, the simplification of legislative frameworks, and the accelerated implementation of the Digital Services Act. The Council Conclusions adopted during the session emphasize a coordinated, streamlined approach to regulation—one that promises to spur the faster adoption of innovative technologies while bolstering Europe’s capacity to compete globally.

Addressing Technological And Geopolitical Pressures

During the discussions, Damianou stressed the political significance of digital simplification and effective digitalization. He argued that by reducing bureaucratic burdens and harmonizing rules, Europe can create an environment that not only fosters innovation but also fortifies its economy and delivers tangible benefits to its citizens. His remarks underscored the dual challenges of rapid technological change and escalating geopolitical pressures that all member states currently face.

Three Pillars Of The Cyprus Presidency

The Cyprus Presidency’s work programme in telecommunications is structured around three strategic pillars. The first aims to reinforce Europe’s digital capabilities and technological leadership. The second pillar is committed to improving cyber resilience and safeguarding the digital ecosystem, including enhanced protection for minors online. The third pillar focuses on deepening strategic partnerships within the digital sphere, with Damianou clarifying that digital sovereignty should be synonymous with collaboration rather than isolation.

Forging Alliances For A Digital Future

In the run-up to its presidency, Cyprus engaged with senior counterparts from Germany, Poland, France, and Italy, including prominent figures such as Karsten Wildberger, Dariusz Standerski, Anne Le Hénanff, and Valentino Valentini. These high-level discussions on digital cooperation signal a concerted effort to align diverse national strategies toward a unified and robust European digital vision.

As Europe navigates the complexities of the Digital Decade, Cyprus’s proactive agenda underscores the imperative for regulatory reform, digital empowerment, and strategic collaboration. This approach is designed to foster an ecosystem that accelerates innovation and secures sustained prosperity for European citizens and businesses alike.

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