Robinhood (NASDAQ:HOOD) has been beefing up its crypto offering this April. After not implementing any large changes to its offering for years, it looks like the flood gates are opening. Recent massive changes to the company’s digital currency trading floor have brought a lot of talk to HOOD stock. Now, Robinhood is building on the hype with a major crypto acquisition.
Nearly every week this month, Robinhood has dropped bombshell announcement after bombshell announcement. Two weeks ago, users found out that the e-trading platform was rolling out its crypto wallet. Since being teased in late 2021, over 2 million users had signed up for the service. Now that it’s out, Robinhood customers can move crypto assets to and from the platform for the first time ever. Robinhood is also supplementing this new product with Lightning Network integration. This Bitcoin (BTC-USD) payment layer will allow for more efficient crypto trading on the platform.
Perhaps the biggest news thus far has been in Robinhood’s new listings, however. Recently, HOOD added four new cryptocurrencies to its trading floor, increasing its total offering from seven to 11 cryptos. The first new crypto listings since 2018, Shiba Inu (SHIB-USD), Compound (COMP-USD), Solana (SOL-USD) and Polygon (MATIC-USD) have all now been made available for users.
Robinhood Ziglu Acquisition Sets Stage for European Expansion
With all of this news circulating in the crypto world, Robinhood can already celebrate a highly successful month. But it seems that the company is still striking while the iron is hot. Specifically, the e-trading platform’s latest acquisition will help it bring its crypto trading services abroad.
Ziglu is a British crypto trading platform founded by former Barclays (NYSE:BCS) Head of Technology Mark Hipperson. The platform offers trading for 11 different currencies. It also provides DeFi opportunities via staking and a debit card which allows users to pay for services with crypto.
According to a report from Cointelegraph, Robinhood is acquiring Ziglu to add to its crypto repertoire. With Ziglu under its umbrella, the platform has an easy point of entry into the European market.
This news comes two years after Robinhood’s previous attempt to expand into the United Kingdom with a separate U.K. app. After little success, the project folded. The company then spent the following years focusing on its Stateside product.
As this news makes its rounds through the crypto and stock trading communities, it’s serving well to boost the value of HOOD stock. Today, shares closed up over 5%, even as trading volume slid below averages.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.