Investing and trading application Robinhood revealed signing a deal to purchase UK-based digital money and crypto firm Ziglu.
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A blog post published by the company says that with the purchase, customers can buy and sell the eleven cryptos offered by Robinhood and earn income by "boosting" products via debit cards, move and spend money with no fees.
Robinhood says that Ziglu’s team and technology will help the company to broaden its expansion in the UK and across Europe.
The company didn't disclose the amount of the acquisition. Ziglu was founded in 2014 by entrepreneur Mark Hipperson. In 2020 the company got approval by the UK financial regulatory FCA to provide crypto services.
Ziglu raised £7 M in a fundraising round in Nov. 2021. Thus, the valuation of the company reached £85 million. After the news went public, Robinhood shares increased by around 5%. The company went live on Nasdaq in summer 2021.