The popular American financial service company Robinhood is acquiring U.K-based ‘Ziglu’, to pursue its global expansion plan. Ziglu is the most renowned cryptocurrency trading app which operates within the United Kingdom and European Union. However, no further details such as the acquiring amount, terms and conditions, future goals with Ziglu, and operation expansions are in the recently shared blogpost by Robinhood.
Through the new acquisition, Robinhood will be able to leverage the vast customer base of Ziglu and its operational networks in the regions of the European Union. Now, Robinhood will enable the customer to sell, and buy 11 cryptocurrencies through its platform.
“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 U.K. and Europe.”Vlad Tenev, Robinhood Chief Executive Officer
More on Ziglu
The United Kingdom has always been a tough spot for the crypto exchanges to start their operations. It is due to the Financial Conduct Authority (FCA) and its stringent registration regime. But despite their very strict conduct, Ziglu has managed to come on their list of approvals. Therefore, Robinhood did find a little easy step to acquire Ziglu for their global expansion-related projects.
Currently, Ziglu comes among the 34 organizations that are registered with the Financial Conduct Authority of the United Kingdom to run crypto businesses. Moreover, about 100 companies still await to receive honorable approval to operate within the country. Also, FCA is receiving hundreds of new applications from the financial organizations for approval whereas FCA has put on hold new applications until it clears its backlog proceedings.
According to the CEO of Robinhood, Vlad Tenev, Ziglu has an impressive team bearing deep knowledge and understanding of the financial services and crypto market. Also, he is very focused on their global expansion accelerations with the help of the experienced and privileged team.