Robinhood is expanding to Asia, plans for encryption services in Singapore – Tradingview News

Robinhood expands its services to the Asian market, and is now putting its attention on Singapore as a base for its activities in the region. The trading platform is planning to provide encryption products in the country as soon as it finishes its acquisition of $ 200 million for Crypto Exchange Bitstamp, a deal announced last year.

The deal will allow Robinhood to the main organizational approvals, giving the way to enter the growing digital asset market in Singapore.

Bitstamp paves the way to enter Singapore

The purchase of Robinhood Bitstamp, a company founded in 2011 with 50 licenses all over the world, makes it a direct competitor to big names such as Binance and Coinbase.

Not only is the BITSTAP acquisition of the Fintech giant to grow, but it may be a strategic step to secure decisive regulatory licenses. Betstamp obtained a license in the principle of the monetary authority in Singapore last year, which he puts in obtaining a full license for the institution.

This license will allow Robinhood to provide legal symbolic services in the country, as it is in line with its ambitions to expand beyond the US market. The Robinhood deal is expected to give a smoother road in the financial axis it organizes. Robinhood to Singapore is part of the wider international expansion strategy.

CEO Vlad Tinif confirmed that the company will use Singapore as a base for customer service across Asia, which represents a prominent brand in its global ambitions. The company has already launched in the UK and is now putting its attention in the Asia Pacific region, where competition is already heated.

RobinHood’s Crypto Business company helped report higher profits than expected in the first quarter of last year. However, in the same week, it revealed that the US Securities and Stock Exchange had sent it Wales’s notification of the symbols that are circulating on its platform.

Stable regulations in Singapore

Singapore has become an attractive destination for financial companies because of its stable regulations and placed as a global wealth center. Robinhood can increase the competition between online brokerage firms in the region.

As part of the wider expansion strategy, Robinhood is also looking to present new contracts related to major events, including sports competitions and political races. The next launch in Singapore will be an important test for the company’s ability to compete in a new and advanced market.