Hassan Maishera
TL;DR
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Robinhood is set to launch cryptocurrency products in Singapore before the end of the year.
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The move comes after the trading platform acquired Bitstamp in a $200m deal.
Robinhood to Launch Crypto Products in Singapore
Robinhood is set to unveil cryptocurrency products in Singapore before the year pending the completion of its purchase of crypto exchange Bitstamp. This is according to a report by Bloomberg.
This latest development comes after Robinhood agreed to buy Bitstamp in June in a deal worth $200 million. The deal is expected to close in the first half of 2025 and will enable Robinhood to expand its services to several countries.
Johann Kerbrat, vice president and general manager of Robinhood Crypto, told Bloomberg in an interview that the launch of the crypto products in Singapore will come shortly after the deal is completed.
Kerbrat added that,
“Part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional business.”
Robinhood will launch the services as Bitstamp secured an in-principle license from the Monetary Authority of Singapore last year. The license will enable the company to obtain a Major Payment Institution license and provide digital token services in the country.
Robinhood is expanding its presence in the crypto space. In September, Bloomberg reported that Robinhood and London-based Revolut are currently considering entering the $170 billion stablecoin market.
The company also introduced cryptocurrency transfers for its European customers in October as it expands its operations in the region.
