The Robinhood Commerce (Hood) platform plans to introduce cryptographic products in Singapore this year waiting for the end of its purchase of Crypto Exchange Bitstamp, Bloomberg reported Tuesday.
Robinhood agreed to buy Bitstamp in June and the acquisition of $ 200 million is expected to close in the first half of the year. The launch of Robinhood’s cryptographic products in the region should continue shortly after the agreement closed, said Johann Kerbrat, vice president and general manager of Robinhood Crypto, Bloomberg in an interview.
“Part of the reason why Bitstamp was attractive was due to his licenses with Singapore, in addition to his institutional business,” Kerbrat said.
Bitstamp said a license in the beginning of the Singapore monetary authority last year. The License pales the way for the company to obtain an important license from the Payment Institution and provide Digital Token services in the country, Bitstamp said at the time in a statement.
In a meeting in 2024, the CEO of Robinhood, Vlad Tenev, said that the company would expand to Asia this year and that Singapore would be its base in the region.
Neither Robinhood nor Bitstamp responded to a request for comments before the publication.
