Robinhood Markets Inc. plans to launch Singapore crypto offerings in the current year through the entity of the European digital asset exchange Bitstamp Ltd., which it acquired.
The mentioned company intends to roll out services under the guidance of Singapore regulators by the end of 2025. The corresponding statement was made by Johann Kerbrat, vice president and general manager of Robinhood Crypto, during a conversation with media representatives. The launch date of the company’s services in Singapore has not yet been set.
It is worth noting that Singapore currently has the status of a hub for the digital asset industry in the Asia-Pacific region. The country competes with other similar functional spaces in the mentioned region, including Hong Kong, to lure global operators with a dedicated regulatory regime and tokenization initiatives.
Robinhood bought Bitstamp in June. The cost of this deal was $200 million. In large part, the acquisition of Bitstamp by Robinhood was intended to pave the way for expansion into Singapore.
Johann Kerbrat stated that the interest in Bitstamp is partly because this company has licenses in the specified country in addition to its institutional business. Last year, the firm, acquired by Robinhood, said it had received an in-principle approval from the Monetary Authority of Singapore.
Johann Kerbrat noted that the launch of crypto products in the mentioned country should come a few months after the closure of the deal with Bitstamp, which is expected to occur in the first half of 2025 pending regulatory approval.
According to information posted on the official Bitstamp website, this company, in addition to Singapore, holds licenses and registrations in European Union countries, including Italy, Spain, the Netherlands, and France.
In December, Robinhood announced plans to launch its wider trading businesses in Asia in 2025. In this case, the company tapped Singapore as its home base. Robinhood’s increased focus on Asia is largely because its competitors, including China’s Tiger Brokers and Futu Holdings Ltd., are expanding internationally. Moreover, it is worth noting that the mentioned region is a space of significant prospects.
Robinhood plans to obtain brokerage licenses in Asia as part of its expansion. At the end of 2023, this company launched crypto trading in Europe. The firm also launched US equity options trading for clients from the United Kingdom.
Last year, Robinhood partnered with crypto companies including Kraken and Galaxy Digital to launch a stablecoin called USDG, set to be issued by Paxos out of Singapore.
It is worth noting that the digital asset markets have been growing since the inauguration of the President of the United States, Donald Trump. Mr. Trump’s administration has a pro-crypto status. This is a growth factor in the digital asset markets.
Robinhood’s business is currently on an upward trajectory. In the fourth quarter of 2024, the company’s revenue more than doubled to $1 billion. This figure exceeded the preliminary expectations of Wall Street analysts, who forecast that Robinhood’s revenue for the mentioned period would be recorded at the $940.8 million mark.
As we have reported earlier, Robinhood to Settle SEC Charges.
