Robinhood acquires the British crypto group Ziglu

Robinhood has agreed to buy the British crypto company Ziglu, since the US deceler trader company increases its expansion beyond stock trading and makes a second attempt to penetrate to Great Britain.

The California company said on Tuesday that the Ziglu, based in London, "an impressive team of deeply experienced financial service providers and crypto experts" was [wants to accelerate our global expansion efforts ".

Ziglu, which was founded in 2014 by the entrepreneur Mark Hipperson, who participated in the establishment of British Digitalbank Starling Bank, enables small investors to buy cryptocurrencies. Robinhood did not say how much it paid for Ziglu.

The group, which had a value of £ 85 million last November, when she raised £ 7 million, said that her customer base had grown four times in the past year when the enthusiasm of investors exploded and the sector attracted more investments by mainstream financial companies.

The takeover by Robinhood takes place a little more than two months after the brokerage company had warned that the pandemeine -related retail boom cools down. Robinhood's shares have fallen by more than 30 percent this year.

The Ziglu purchase also makes Robinhood one of the few crypto groups that have received the approval of the British financial supervisory authority.

The registration system of the Financial Conduct Authority, which was concentrated on the money laundering rollers of an applicant and plagued by delays, has only given 33 of the more than 100 crypto companies Green Light that have applied since the beginning of last year. The regulatory authority has set up new applications while dealing with the deficit.

Ziglu is the third British crypto company with FCA approval, which sparked the interest of a potential buyer this year. In February the Austrian Stock Exchange Bitpanda Trustology. In the following month, Binance announced a partnership with the EQONEX stock exchange, which has an FCA registered unit, in a business of which the companies said it could lead to a connection.

The British regulatory authority has declared that it is not authorized to investigate a change of ownership with registered crypto companies before a business is completed, but “steps to take place to suspend or delete the registration of a crypto asset company if it is not satisfied with it, the company or its economic owner is fit and appropriate.

Robinhood said it was finally planning to integrate Ziglu and expand its activities to Europe. The deal is the first time that the US british company is targeting Great Britain since it gave up a plan for market expansion in July 2020.

The British government submitted plans to become a “global center” for crypto at the beginning of this month, since the competition between the countries increases a share in the rapidly growing but controversial industry.