Robinhood looks to expand its presence in the cryptocurrency world. Although no one expected the fintech outfit to acquire a UK crypto firm, that news isn’t too surprising. By buying Ziglu, Robinhood will solidify its UK presence.
A Strategic Move By Robinhood
Many people appreciate Robinhood as a gateway into the cryptocurrency world. More specifically, users can gain access to popular assets like Shiba Inu without owning the currency or storing it safely. Instead, they gain price exposure, which is what most people will be interested in either way. Although the company doesn’t let users withdraw their cryptocurrency purchases yet, that situation may soon change.
The firm’s recent acquisition of UK firm Ziglu is remarkable. The company has FCA approval and has carved out a name for itself in the UK cryptocurrency industry. Brits can buy and sell nearly a dozen crypto assets, earn a yield on holdings, pay using a debit card, and spend money. So it is a very appealing outfit for Robinhood, especially with the latter company expanding its crypto-oriented footprint.
Following the acquisition, Robinhood can continue its international expansion. Moreover, the company remains committed to opening its crypto platform to users globally. Interestingly, the firm had an initial UK expansion plan in 2020. However, that plan was thwarted due to operational problems stemming from increased day trading in the US market.
For now, nothing will change for Ziglu customers. However, the company and its services will be integrated into Robinhood eventually. What that means exactly remains uncertain. It is evident Robinhood wants to introduce Ziglu users more to its native brand. It will be intriguing to see if and how that affects crypto trading in the UK.