As part of its global expansion, Robinhood said Tuesday that it will purchase London-based crypto company Ziglu.
Users in the United Kingdom can use Ziglu to access 11 cryptocurrencies, earn yield, pay with debit cards, and send crypto across borders.
Robinhood sought to enter the United Kingdom market in early 2019, but postponed the idea indefinitely in 2020 to focus on its home market of the United States.
The acquisition’s financial specifics have not been published.
The number of monthly active users on Robinhood fell to 17.3 million in the fourth quarter of last year. That’s, down from 18.9 million the previous quarter.
Due to an unforeseen GameStop (GME) trading frenzy in Q1 of 2021. So, the trading platform forecasts a 35 percent yearly revenue reduction in Q1 of 2022.
Ziglu is the third company to receive clearance from the Financial Conduct Authority (FCA). In order, to provide cryptocurrency services in the United Kingdom.
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