Robinhood is expanding its business into the United Kingdom after agreeing to acquire London-based cryptocurrency wallet and card startup, Ziglu. The deal’s financial terms were not disclosed yet.
“We’ve signed a deal to join Robinhood and couldn’t be more excited,” Ziglu said in a message to consumers. “Ziglu and Robinhood have a common DNA in that we’re both striving to lower the barriers to entry for a new generation of investors, and we’re excited to pursue that objective together.”
“As we seek to grow worldwide, we’re pleased to announce that we’ve signed an agreement to purchase Ziglu Limited, a UK-based electronic money institution and crypto asset business, subject to regulatory clearances and other usual closing conditions,” Robinhood said in a statement.
Ziglu closed a £6.1 million crowdfunding round towards the end of 2020.
Robinhood announced earlier this month that it was increasing access to its crypto wallet service. In addition, Robinhood intends to add support for the Lightning Network, a bitcoin-focused payment network, in the coming months.
