FTX is seeking to acquire Robinhood Markets Inc (NASDAQ:HOOD), Bloomberg reported Monday.
The development is just one-week after FTX US announced its acquisition of Embed Clearing, a specialist in white label brokerage experiences.
Why It Matters: The addition of Embed Clearing, as well as the reported interest in buying the app-based brokerage Robinhood, is pursuant to founder Sam Bankman-Fried’s desire to expand into assets outside of crypto.
“If you look longer down the road, we would absolutely like to get involved in other asset classes, and to become a global liquidity venue across the board,” he said in a Benzinga conversation in December.
Though no formal takeover approach was attempted, Bankman-Fried, nearly a month ago, bought a large stake — 7.6% — in the app-based broker.
