Will Canny is CoinDesk's finance reporter.
The Bitstamp acquisition is a strategic move by Robinhood to expand its crypto business, the report said.
The broker notes that Bitstamp, as one of the oldest exchanges that offers crypto, Robinhood has “stood the test of time over multiple cycles.” “With a full exchange, HOOD gets access to global liquidity, and thus can offer the liquidity to its own broker platform, potentially improving its economics,” analysts Gautam Chhugani and Mahika Sapra wrote.
Broker JMP said the acquisition of Bitstamp will “drive opportunities to broaden Robinhood’s participation in the evolving crypto value chain,” in a report on Thursday. Owning an exchange will give Robinhood opportunities to connect more deeply into the crypto ecosystem and could allow the platform to get more involved in the tokenization of assets and securities, the report said.
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