Robinhood Completes Acquisition of Cross-exchange Platform Cove Markets

Key Takeaways:

  • Robinhood has announced that it has acquired Cove Markets, a cross-exchange trading platform. 
  • This acquisition will serve as a launchpad for Robinhood’s crypto trading product.
  • This move will also make it easier for users to manage their Robinhood accounts. 

American financial services firm Robinhood has announced the acquisition of cross-exchange platform Cove Markets. Both the trading companies have confirmed that they intend to boost the volume of order routing and execution on Robinhood with this deal. 

Victor Glava and Scott Knudsen, the Co-founders of Cove Markets will now be a part of Robinhood’s crypto arm. 

Robinhood said in a statement released on Monday morning that both the companies share a common goal of making investing in cryptocurrencies more streamlined and cost-effective. 

SEE ALSO: PayPal Introduces Cryptocurrency Service in the UK

Robinhood eyes opportunities in the cryptocurrency industry

Over the past few years, Robinhood has concentrated most of its efforts toward establishing itself in the crypto space. Just a day before announcing the Cove Markets acquisition, Robinhood announced the partnership with blockchain analytics company Chainalysis. 

Christie Brown, Chief Operating Officer, Robinhood Crypto said that the arrival of Scott Knudsen and Victor Glava will significantly improve their crypto trading platform. She further added that their rich experience in the crypto market infrastructure and trading execution will allow them to offer robust trading capabilities. 

This is the first acquisition made by Robinhood’s crypto arm and also comes just a few months after its $140 million cash buyout of Say Technologies. 

The recent mergers and acquisitions offer a glimpse of Robinhood’s game plan in the crypto market. Robinhood said that it is currently in the process of launching a crypto wallet. It will do so by integrating analytics tools developed by Chainalysis, a top-tier crypto intelligence firm Chainalysis. 

At present, Robinhood provides users a much-needed exposure to the price movements of different cryptocurrencies on its brokerage application. However, users cannot withdraw or deposit crypto from the platform. 

It seems like things are about to change very soon as Robinhood will now allow users to move their tokens to other crypto exchange platforms such as Kraken and Coinbase. 

More about Cove Markets

Cove Markets was founded in 2018. It enables customers to manage their accounts across various exchange platforms. 

SEE ALSO: Online Payments Company Stripe Eyes Crypto Return

Feature Image Source: Robinhood

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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