The Robinhood commercial platform (Hood) plans to introduce cryptographic products in Singapore this year while waiting for the completion of its purchase of Crypto Exchange Bitstamp, Bloomberg reported on Tuesday.
Robinhood agreed to buy Bitstamp in June and the acquisition of $ 200 million should end in the first half. The launch of Robinhood’s Crypto Products in the region should follow shortly after the agreement was concluded, Bloomberg Johann Kerbrat, Vice-President and Managing Director of Robinhood Crypto, told an interview.
“Part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional activities,” said Kerbrat.
Bitstamp obtained a license to the principle of the monetary authority of Singapore last year. The license opens the way to the company to obtain a major license from the payment institution and provide digital tokens services in the country, Bitstamp said at the time in a press release.
During a meeting in 2024, Robinhood CEO Vlad Tenev said that the company would develop in Asia this year and that Singapore would be its basis in the region.
Neither Robinhood nor Bitstamp responded to a request for comments before the publication.
