- Robinhood will launch the crypto choices to clients in Singapore through Bitstamp
- The retail investing agency acquired Bitstamp for $200 million in June 2024.
Robinhood, a well-liked retail investing platform, has revealed plans that might see it broaden its crypto product providing to Singapore earlier than the tip of 2025.
In a report on Tuesday, Bloomberg mentioned Robinhood Markets was eyeing the entry into Singapore through its not too long ago acquired crypto platform Bitstamp.
Robinhood’s growth plans by way of its European-based digital-assets alternate will even embrace a foray throughout the Asia-Pacific area.
Based on Robinhood Crypto VP and normal supervisor Johann Kerbrat, the corporate’s effort will contain native native regulators. Whereas the platform has not supplied a selected launch date, the expectation is that the crypto companies and merchandise shall be out there to Singaporean clients earlier than the tip of 2025.
Kerbrat shared the general plan throughout an interview with Bloomberg Information.
The Bitstamp deal
Robinhood introduced its acquisition of the Luxembourg-based Bitstamp in June 2024, with the $200 million deal anticipated to shut within the first half of 2025.
On the time of the preliminary announcement, Robinhood’s plans had been to leverage Bitstamp’s alternate know-how to speed up its world growth. Bringing crypto merchandise to customers in Singapore is a part of this objective.
In October final yr, Robinhood Crypto unveiled crypto transfers for its clients in Europe. The replace allowed EU customers of the app to deposit and withdraw over 20 cryptocurrencies, together with Bitcoin, Ethereum, Solana, and the USDC stablecoin.
Robinhood’s enterprise is regulated by the US Securities and Change Fee (SEC) and the Monetary Trade Regulatory Authority (FINRA). The corporate additionally holds the BitLicense from the New York State Division of Monetary Providers.
In the meantime, Bitstamp has secured greater than 50 regulatory approvals, with licenses in Singapore, the UK and the EU.
