Robinhood Markets Inc (NASDAQ:HOOD) announced its intent to acquire Ziglu, a UK-based electronic money institution, and crypto-asset firm.
Context: The development comes as the California-based company looks to fuel positive trends in saving and investing. After its 2013 start as a bare-bones stock brokerage, Robinhood pivoted to all things financial wellness.
Customers have access to all the tools they need to learn and stay informed, as well as fractionally trade stocks, options, ETFs, cryptocurrencies, and IPOs.
Additionally, users can earn interest and spend their uninvested funds through a Mastercard-backed debit card accessible at more ATMs than the top three banks combined.
Also Read: 'U Thirsty?' Jack Dorsey Responds To Robinhood CEO's Proposal For Dogecoin
Why It Matters: The announcement is a validation of the firm’s commitment to increase global access to U.S. and crypto markets. Ziglu will integrate with Robinhood to bring the brand overseas, and work to expand operations beyond the UK and Europe.
“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts,” said Vlad Tenev, CEO and co-founder of Robinhood Markets. “Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”
Price Action: Robinhood shares were up 5.19% on Tuesday, closing at $11.56, according to Benzinga Pro.
Click here to learn more about how Robinhood democratized finance for investors.
