American financial services company Robinhood has announced that it has signed a deal to acquire Ziglu Limited. Ziglu Limited is a U.K. based crypto and payments company.
The deal will go ahead if it gains regulatory approval and other customary closing conditions. This deal is RobinHood’s first step towards global expansion.
Ziglu will allow U.K. based customers to buy and trade 11 cryptocurrencies. Users will be able to earn yield via “Boost” products, pay via a debit card, and spend money abroad without any fees.
Robinhood believes that Ziglu’s talented team will help the company expand across both the U.K 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.”
Nothing will change for the Ziglu customers in the near future. However, in the longer run, Ziglu will fully integrate into Robinhood, and help the global expansion of the company.
Robinhood has been continuously expanding and making big moves. Earlier this month, Robinhood announced the rollout of crypto wallets and lightning network integration plans to every eligible person on the Wenwallets waitlist.
