Tuesday 19 April 2022 5:55 pm | Updated: Tuesday 19 April 2022 6:16 pm

Robinhood snaps up UK crypto firm Ziglu

Shares in trading platform Robinhood dropped sharply this afternoon, suggesting that this week's four-day stock rally might have reached its end. — The offering will not initially include UK stocks or derivatives, it is understood

Robinhood has inked a deal to snap up UK crypto firm Ziglu as it takes a second stab at expanding into Britain.

Founded by Mark Hipperson in 2014 crypto trading platform Ziglu was valued at £85m in November when it raised £7m. Robinhood has not disclosed the terms of the deal.

“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts,” said Vlad Tenev, the chief executive and and co-founder of Robinhood Markets.

“Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe,” he added.

Robinhood abandoned plans to expand into the UK in 2020 disappointing some 250,000 prospective users who were added to its waiting list. At the time the company said it was spending time strengthening its core business in the US amid a retail trader boom.

Ziglu is the third crypto firm with approval from the UK’s financial regulator to be snapped up in a matter of months. The UK’s FCA has approved just 33 of the 100 digital asset service providers who have applied for regulation.

In February, crypto exchange Bitpanda picked up Trustology. Binance announced a partnership with crypto exchange Eqonex, which owns an FCA-registered subsidiary, a month later.

“As part of Robinhood, we’ll supercharge Robinhood’s expansion across Europe and bring better access to crypto and its benefits to millions more customers,” said Ziglu founder and chief executive Hipperson.