By Sam Boughedda
Investing.com -- Robinhood Markets Inc (NASDAQ:HOOD) revealed in a post on its blog on Tuesday that it has signed a deal to acquire Ziglu, a UK-based "electronic money institution and cryptoasset firm."
Shares of the popular trading app maker rose 3.4% on Tuesday.
Robinhood is waiting to launch in the UK after previously halting plans. However, the deal for Ziglu will help accelerate its expansion in the UK and Europe, the company said.
Ziglu customers are able to buy and sell 11 cryptocurrencies, earn yield through its "Boost" products, pay using a debit card and spend money abroad without fees, Robinhood said in its post.
“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.
Adding: “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.”
Following the news, JMP Securities analyst said the deal should accelerate Robinhood's crypto expansion.