Wednesday, July 6, 2022
HomeDigit NewsRobinhood buys UK crypto firm Ziglu

Robinhood buys UK crypto firm Ziglu

US-based popular stock and crypto trading app Robinhood has signed a deal to acquire UK-based fintech app Ziglu. Ziglu allows users to buy and sell 11 cryptocurrencies as well as make payments abroad. This is Robinhood’s second attempt at expanding business in the UK. About two years ago, it had shelved its plans for expansion in the UK market. Robinhood recently launched crypto wallet services to over 2 million US customers.

The Block quoted a message sent by Ziglu to its customers. Told “We have signed an agreement with Robinhood and we are very excited. The two firms will work together to reduce market barriers for new investors. This agreement is subject to regulatory approval.”

Robinhood has a statement “In line with our plans to expand overseas, we have signed a deal to acquire UK-based crypto firm Ziglu,” it said in a statement. Along with this, Robinhood said that this will not change anything for Ziglu customers in the short-term. However, later the firm will be integrated with Robinhood. Along with this, work will be done on expanding business in Europe outside the UK. Vlad Tenev, Robinhood’s chief executive officer, said: “Together with the Ziglu team, we will seek to capitalize on the strengths of both firms. We will explore new ways to remove barriers for customers in the UK and Europe.”

Tenev recently described Dogecoin as an important cryptocurrency. However, at the same time he said that the transaction fees associated with Dogecoin need to be reduced significantly. Earlier, Elon Musk, the head of electric car maker Tesla, has also given a similar opinion. Tenev believes that making some changes to Dogecoin can significantly increase its use. He said that it can become an effective means of daily payments and online transactions. Tenev said that reforms are needed to increase the use of Dogecoin. He had told that its block size and time associated with the block should be improved. Along with this, he had told the need to reduce its gas fee.

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Two Wheeler

BUSINESS AND FINANCE

Digit News