Bitstamp is gearing up to expand its institutional operations in Australia, strengthening its presence in Asia. This move comes as Robinhood is set to acquire Bitstamp in a $200 million deal, expected to be finalized in early 2025.
Expansion in Australia
At the Token2049 conference in Singapore, Bobby Zagotta, Bitstamp’s global chief commercial officer, highlighted the company’s aim to broaden its services for institutional clients in Australia. Bitstamp sees significant growth potential in the Australian market, which has limited options.
Impact of the Asian Market
Zagotta stressed Asia’s potential, pointing to key markets such as Hong Kong and Singapore. He revealed that Asia contributes roughly 20% to Bitstamp’s global revenue, while Europe accounts for about 65%.
Robinhood's Integration Plans
Robinhood plans to leverage Bitstamp’s infrastructure to boost its crypto offerings for investors. The anticipated deal with Bitstamp will be a significant step for Robinhood in integrating new services into its platform.
Bitstamp's expansion of institutional services in Australia and the subsequent acquisition by Robinhood could significantly impact the cryptocurrency market in the region. The deal is expected to be finalized in early 2025.
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