In a significant move to expand its footprint in Asia, trading platform Robinhood (HOOD) is gearing up to introduce crypto products in Singapore later this year, pending the completion of its acquisition of the crypto exchange Bitstamp. This announcement comes as part of an ongoing strategy to diversify its offerings in the fast-evolving digital asset market.
Robinhood’s decision to acquire Bitstamp, agreed upon in June for a reported $200 million, is expected to finalize in the first half of the year. Following this acquisition, the launch of Robinhood’s crypto products in Singapore is anticipated to occur shortly thereafter, as stated by Johann Kerbrat, vice president and general manager of Robinhood Crypto, in an interview with Bloomberg.
Kerbrat highlighted that part of Bitstamp’s appeal was its established licensing agreements in Singapore and its strong institutional client base. Notably, Bitstamp received in-principle approval from the Monetary Authority of Singapore last year, a crucial step that enables it to obtain a Major Payment Institution license, thus facilitating its ability to offer digital token services in the region.
This expansion into Singapore aligns with Robinhood’s broader ambitions in Asia, as CEO Vlad Tenev outlined during a 2024 meeting, where he expressed the company’s commitment to making Singapore its regional headquarters. The strategic choice of Singapore is significant, given the city-state’s reputation as a hub for fintech and cryptocurrency innovation.
While both Robinhood and Bitstamp have not issued any comments following the announcement, the impending launch of crypto products in Singapore represents a notable development in the competitive landscape of cryptocurrency trading platforms and could potentially attract a new wave of users in the region.
