Robinhood Markets Inc. is gearing up to expand its cryptocurrency services into Singapore, aiming for a 2025 launch. The U.S.-based financial platform plans to enter the Asian market through a new entity tied to Bitstamp, the European digital asset exchange it acquired for $200 million in June 2024. Robinhood intends to roll out the service following the completion of Bitstamp’s acquisition in the first half of 2025, pending regulatory approval.
Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, explained that Bitstamp’s existing licenses in Singapore were a key factor in the decision to acquire the exchange. “Part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional business,” Kerbrat told Bloomberg.
Singapore has become a thriving hub for digital assets, attracting numerous crypto companies due to its favorable regulatory environment. The country is in competition with Hong Kong, which is also vying to become a major center for crypto and blockchain businesses.
Robinhood’s move to Singapore aligns with its strategy to capitalize on the growing demand for cryptocurrencies in Asia. In addition to its Singapore expansion, the company has already begun offering crypto services in Europe, launching its platform in the region in 2023. Earlier this year, Robinhood also introduced equity options trading for U.K. customers.
The acquisition of Bitstamp provides Robinhood with licenses to operate in several European countries, including Italy, Spain, and France. As a result, the company is well-positioned to broaden its global reach, offering a full suite of financial products, both conventional and digital.
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