Robinhood Acquires Cove Markets to Develop More Crypto Services
Leading fintech app Robinhood has announced the acquisition of cross-exchange trading platform Cove Markets as it grows its crypto offerings. The move will vastly improve account management for Robinhood’s crypto trading customers.
Cove Markets lets traders and investors connect as many as seven exchanges over its interface, letting them trade more than 50 leading currencies and altcoins. Some of the exchanges that can be connected via its API platform include Coinbase Pro, Kraken, Bitfinex, Bitstamp, Binance.US and Gemini.
With a common vision to make crypto investments simpler and more affordable for all users, both companies will collaborate on improving Robinhood’s crypto trading platform further, enabling quality executions for the fintech app’s crypto customers. Robinhood is widely credited with the explosion in crypto trading among retail investors earlier this year and its success is closely intertwined with that of leading memecoin Dogecoin as well.
According to COO at Robinhood, “Scott, Victor and the Cove Markets team will bolster our crypto trading platform and help us strengthen our leadership in the crypto industry. Their wealth of experience in trading execution and crypto market infrastructure will help us to build more powerful trading capabilities, bringing the benefits of better competition in the crypto markets to our customers.”
The acquisition of Cove Markets could support Robinhood’s goal which focuses on decentralizing and democratizing access to financial services and trading. Robinhood launched its crypto services in 2018 and is one of the leading platforms that offer 0% commissions with an aim to make crypto trading more widespread.
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