US neobroker Robinhood Markets (NASDAQ:HOOD) has announced that it has closed its acquisition of Bitstamp a global cryptocurrency exchange. Bitstamp, founded in 2011 with offices in Luxembourg, the UK, Slovenia, Singapore, and the US, has agreed to be acquired by Robinhood back in July 2024 for $200 million.

The company said that this acquisition significantly accelerates Robinhood Crypto’s expansion worldwide. Bitstamp holds over 50 active licenses and registrations globally and brings customers across the EU, UK, US and Asia to Robinhood.

The acquisition also introduces Robinhood’s first institutional crypto business. Bitstamp has been trusted for 14 years by institutions for its reliable trade execution, deep order books and industry-leading API connectivity and offerings like crypto-as-a-service, institutional lending, and staking. Robinhood is entering the space with an active and highly trusted business with established relationships.

Bitstamp’s core spot exchange has a robust product offering and significantly enhances Robinhood’s Crypto product for customers across the globe.

“The acquisition of Bitstamp is a major step in growing our crypto business. Bitstamp’s highly trusted and long standing global exchange has shown resilience through market cycles. By seamlessly coupling customer experience with safety across geographies, the Bitstamp team has established one of the strongest reputations across retail and institutional crypto investors,” said Johann Kerbrat, General Manager of Robinhood Crypto. “Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood.”

With this acquisition, Bitstamp’s team joins forces with Robinhood, fostering collaboration, innovation, and knowledge sharing across continents. Robinhood and Bitstamp customers can expect the same level of service, security and reliability they’ve come to expect from both companies.

“As the world’s longest running cryptocurrency exchange, Bitstamp is known as one of the most-trusted and transparent crypto platforms worldwide,” said JB Graftieaux, CEO of Bitstamp. “Bringing Bitstamp’s platform and expertise into Robinhood’s ecosystem will give users an enhanced trading experience with a continuing commitment to compliance, security, and customer-centricity.”