Robinhood buys out Cove Markets in first crypto-related acquisition
Nasdaq-listed investment firm Robinhood announced on Tuesday that it has acquired cryptocurrency trading platform Cove Markets for an undisclosed sum. The latest purchase mark Robinhood’s first crypto-related acquisition.
Thrilled to welcome the @CoveMarkets team to Robinhood! Their incredible experience in trading execution and crypto market infrastructure will help us to build an even better crypto platform for all our Robinhood crypto traders. https://t.co/m4Wnl9Ojv3
— Christine (Hall) Brown (@christine_hall) December 14, 2021
Cove Markets is an API platform that manages multiple cryptocurrency exchange accounts for users on its platform. Currently, it enables users to trade top cryptocurrencies across seven crypto exchanges, including Coinbase Pro, Bitfinex, Kraken, and more.
With the latest acquisition, Robinhood plans to make it easier for its users to allow investing in cryptocurrencies more simply and inexpensively. Robin Hood offers an investment app that supports several stocks, ETFs, and 7 cryptocurrencies.
Scott Knudsen, CEO and Co-Founder of Cove Markets, said in the announcement:
“We started Cove Markets three years ago to help crypto investors get the most out of their trading experience. Now, we are excited to join Robinhood to help build a world-class platform that can improve trading for millions of customers.”
Both Knudsen and co-founder Victoria Glava will join Robinhood’s crypto team along with the Cove Markets team.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow