Robinhood, a monetary companies firm headquartered in California, introduced on December 14 the acquisition of Cove Markets, a cross-exchange buying and selling platform, by becoming a member of Robinhood crypto.
Cove Markets is an API platform that permits customers to commerce on a number of centralized exchanges and handle aggregated monetary knowledge, making it simpler for customers to handle their encrypted accounts.
Scott Knudsen, CEO and co-founder of Cove Markets, stated that they established this platform three years in the past to assist crypto traders profit from their buying and selling expertise.
The frequent objective between Robinhood and Cove Markets is to create a world-class crypto buying and selling platform that makes investing in cryptocurrency simpler, low-cost, and in a position to full high-quality execution duties.
Christine Brown, Chief Operating Officer of Robinhood Crypto, stated that the Cove Markets workforce has intensive expertise in transaction execution and crypto market infrastructure. The addition of this workforce will assist us construct stronger buying and selling capabilities and supply our clients with higher competitors within the crypto market profit.
As a part of the settlement for this acquisition, co-founders Scott Knudsen and Victor Glava and the Cove Markets workforce will be a part of the Robinhood encryption workforce. “Scott, Victor and the Cove Markets team will bolster our crypto trading platform and help us strengthen our leadership in the crypto industry,” Christine Brown added.
After finishing the acquisition, merchants of Robinhood Crypto will be capable of join as much as seven exchanges, together with Coinbase Pro, Kraken, Bitfinex, and so forth., and use the Cove Markets platform to commerce greater than 50 digital currencies.
Since Robinhood launched Robinhood Crypto in 2018, Robinhood has repeatedly expanded its workforce’s competitiveness within the cryptocurrency discipline.
As reported by Blockchain.News on December 14, Robinhood has partnered with Blockchain analytics firm Chainalysis to assist the crypto buying and selling app to fulfil compliance forward of the rollout of its crypto pockets, which is deliberate to be launched for all customers in early 2022.
Image supply: Shutterstock