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Robinhood Markets Inc. is expanding its cryptocurrency business by purchasing Bitstamp, a cryptocurrency exchange, for about $200 million in cash. This move is part of Robinhood's effort to accelerate its global expansion in the cryptocurrency market. Bitstamp, founded in 2011, has a strong presence in Europe, the UK, the US, and Asia, with more than 50 active licenses and registrations worldwide. This acquisition marks Robinhood's first institutional business and is expected to close in the first half of next year. The news comes after Robinhood received a notice from the Securities and Exchange Commission about alleged securities violations at its crypto division. Despite this, shares of Robinhood Markets rose more than 2% before the market open.
