Robinhood to acquire UK crypto app Ziglu in Europe expansion

Robinhood announced Tuesday it will purchase London-based crypto firm Ziglu as part of the trading platform’s global expansion.

See related article: SHIB price pumps on Robinhood listing with SOL, MATIC, COMP

Fast facts

• U.K.-based users of Robinhood can access 11 cryptocurrencies with Ziglu, earn yield, pay with debit cards, and send crypto across borders. 

• Robinhood had attempted to break into the U.K. market in early 2019 but postponed the plan indefinitely in 2020 to focus on its home U.S. market.

• Financial terms regarding the acquisition have not been disclosed.

• Robinhood has seen its number of monthly active users decline in Q4 of last year to 17.3 million from 18.9 million in the previous quarter.

• The trading platform expects a 35% annual revenue drop in Q1 of 2022, due to an unexpected GameStop (GME) trading frenzy that took place in Q1 of 2021. 

• Ziglu is the third firm to gain the Financial Conduct Authority’s (FCA) approval to provide crypto services in the U.K.

• See related article: Robinhood posts 78% decline in Q3 crypto profits