Robinhood Markets Inc (NASDAQ:HOOD), the controversial US retail trading platform , said it has agreed to acquire digital currency platform Ziglu.
The London-based platform will provide Robinhood with a Financial Conduct Authority (FCA)-regulated arm in the UK.
Ziglu offers buying and selling services for 11 cryptos.
“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts,” Vlad Tenev, Robinhood chief executive and co-founder, said.
The deal, which is still subject to regulatory approval, will facilitate the US-based company’s goal to "bring the Robinhood brand overseas," it said in a blog.
No financial details were unveiled when the deal was announced.
Ziglu, which gained regulatory approval in 2020, was just the third UK crypto firm to do so.
Robinhood’s most recent attempt to enter the UK market was in 2019 but it scrapped the plans 18 months later to focus on expanding further in America.
Robinhood shares rose 1.2% to US$11.13 just over an hour into the US’ Tuesday open.