The Robinhood Markets Inc. sales platform aims to launch its cryptocurrency services in Singapore by the end of 2025, following its European bitstamp bitstamp bittamp for digital assets within the framework of an agreement of 200 million dollars concluded in June 2024.
Johann Kerbrat, vice-president and managing director of Robinhood Crypto, said Bloomberg that the company plans to deploy its Crypto services in Singapore after completing the acquisition of Bitstamp in the first half of 2025.
This decision will expand the presence of Robinhood in the Asia-Pacific region, by supporting the role of Singapore Montgolfière as a digital asset center.
Robinhood enters the Asian market at a time when the global cryptography space has new peaks – exceeding 3.2 billions of dollars by the end of January in accordance with Coingecko data – fueled by an adoption rush and ‘interest of institutional investors.
While Robinhood has not yet set a specific launch date, Kerbrat said that Bitstamp licenses in Singapore were a key reason for acquisition.
“Part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional activities,” he said, citing the approval in principle of the exchange of monetary authority de Singapore (Mas) under the country’s payment services law.
The oldest exchange of crypto in the world also has licenses in several European countries, including Italy, Spain, the Netherlands and France.
Robinhood also targets an additional expansion in Asia by acquiring brokerage licenses, allowing the company to diversify its income by adding traditional financial products such as the trade in actions towards its suite of digital asset services.
The passage of the California-based brokerage platform in Singapore is part of its global expansion strategy, which includes the creation of its regional headquarters in the city-state.
The announcement was made last, CEO Vlad Tenev noting that “we plan to serve customers across Asia soon”.
The company’s crypto company declared a 700% increase in crypto negotiation revenues in the fourth quarter of 2024. The strong increase in income was part of the overall success of Robinhood, the company exceeding the expectations of Wall Street and displaying total income of more than a billion dollars for the quarter.
Crypto trading has represented more than a third of the income -based income, stressing the growing importance of the crypto in Robinhood’s results.
Robinhood’s shares increased by 2.32% on Tuesday, trading at $ 65.23, according to Google Finance Data.
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