The trading platform plans to debut the products after completing its purchase of Bitstamp.
Feb 18, 2025, 12:54 p.m. UTC
Trading platform Robinhood (HOOD) plans to introduce crypto products in Singapore this year pending the completion of its purchase of crypto exchange Bitstamp, Bloomberg reported on Tuesday.
Robinhood agreed to buy Bitstamp in June and the $200 million acquisition is expected to close in the first half of the year. The launch of Robinhood’s crypto products in the region should follow shortly after the deal closes, Johann Kerbrat, vice president and general manager of Robinhood Crypto, told Bloomberg in an interview.
“Part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional business,” Kerbrat said.
Bitstamp secured an in-principle license from the Monetary Authority of Singapore last year. The license paves the way for the company to obtain a Major Payment Institution license and provide digital token services in the country, Bitstamp said at the time in a statement.
At a meeting in 2024, Robinhood CEO Vlad Tenev said the company would expand into Asia this year and Singapore would be its base in the region.
Neither Robinhood nor Bitstamp responded to a request for comment before publication.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
