Robinhood plans to roll out crypto services in Singapore through Bitstamp acquisition

Key Takeaways

Robinhood plans to launch crypto companies in Singapore by way of Bitstamp in late 2025.
Bitstamp has in-principle approval from the Financial Authority of Singapore.

Robinhood is increasing its world crypto footprint, with plans to launch companies in Singapore this yr by way of Bitstamp, the European trade it acquired in a $200 million deal in June 2024, in response to a Tuesday report from Bloomberg.

The California-based brokerage goals to launch its crypto choices in Singapore in late 2025, after finishing its acquisition of Bitstamp within the first half of the yr, in response to Johann Kerbrat, who heads up Robinhood’s crypto division. The corporate has but to lock down an actual launch date.

Singapore is vying with Hong Kong to turn into the dominant digital asset hub within the Asia-Pacific area, attracting world gamers with its devoted regulatory framework. Robinhood’s buy of Bitstamp was pushed, partially, by the trade’s licensing in Singapore.

In March 2024, Bitstamp secured in-principle approval from the Financial Authority of Singapore (MAS). The approval permits the trade to supply digital fee token companies in compliance with Singapore’s Fee Providers Act. Bitstamp additionally holds a variety of licenses and registrations in European Union international locations together with Italy, Spain, the Netherlands, and France.

Robinhood introduced plans in December to ascertain its wider buying and selling companies in Asia, with Singapore serving as its headquarters.

The corporate has been actively constructing its presence within the world crypto panorama. It launched crypto buying and selling in Europe in late 2023 and US fairness choices buying and selling for UK prospects in February.

Final yr, Robinhood introduced its strategic collaboration with crypto corporations like Kraken and Galaxy Digital to launch the USDG stablecoin, issued by Paxos.