Robinhood’s Expansion into Singapore’s Crypto Market
Trading platform Robinhood (HOOD) is set to broaden its horizons by launching new cryptocurrency products in Singapore later this year. This strategic move is contingent upon the successful completion of its acquisition of the crypto exchange Bitstamp, as reported by Bloomberg on Tuesday.
Robinhood entered into an agreement to purchase Bitstamp back in June, with the acquisition deal valued at $200 million. The transaction is anticipated to close within the first half of the year, paving the way for Robinhood’s entry into the crypto space in Singapore shortly thereafter. In an interview with Bloomberg, Johann Kerbrat, vice president and general manager of Robinhood Crypto, expressed enthusiasm about the upcoming launch, stating, “Part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional business.”
Bitstamp has made significant strides in securing regulatory approval, having obtained an in-principle license from the Monetary Authority of Singapore last year. This license is critical as it facilitates Bitstamp’s path to acquiring a Major Payment Institution license, which will enable the company to offer digital token services within the country, as outlined in a prior statement from Bitstamp.
Looking ahead, Robinhood’s CEO, Vlad Tenev, indicated during a meeting in 2024 that the company aims to expand its operations into Asia this year, with Singapore positioned as its regional headquarters. This expansion reflects Robinhood’s commitment to tapping into the growing demand for cryptocurrency services in the Asian market.
As of now, neither Robinhood nor Bitstamp has provided comments regarding this development prior to publication.
