Ah, the sweet scent of cryptocurrency wafts through the air as Robinhood, the daring financial app, sets its sights on the exotic land of Singapore. The company, known for its penchant for risk and innovation, plans to launch its crypto products in the Lion City by late 2025.
According to a recent report by Bloomberg, Johann Kerbrat, the vice president and general manager of Robinhood Crypto, revealed that the firm has yet to decide on an official launch date. However, the company aims to roll out its crypto services to Singaporean users under local regulatory guidance by late 2025.
Kerbrat explained that the firm’s crypto products will be offered through the European crypto exchange, Bitstamp. Robinhood acquired Bitstamp in June 2024 in a $200 million deal. One of the reasons why Robinhood wanted to acquire Bitstamp was because of its Singaporean license.
Bitstamp had received an in-principle approval from the Monetary Authority of Singapore last year. The exchange will act as a gateway for Robinhood to expand its services into the Singaporean market under the guidance of local regulators.
According to Kerbrat, Robinhood is expected to close the Bitstamp acquisition deal in the first half of this year, following regulatory approval. Once the deal is signed, the launch of Robinhood’s crypto products in Singapore is expected to come a few months after that.
In December 2024, Robinhood announced that it plans to expand its trading business into Asia in 2025. The firm will start its Asian expansion by establishing its main office in Singapore. Additionally, Robinhood also aims to secure licenses in other parts of Asia as part of its expansion efforts.
In late 2023, Robinhood began its European expansion by introducing features to users across the region. In February this yar, the firm also began offering US equity options trading for UK customers. But it only recently launched its crypto services in Spain in January 2025.
In the same month, Robinhood agreed to pay a $45 million settlement with the United States Securities and Exchange Commission after the government agency claimed the firm’s broker-dealer entities committed over 10 violations of securities law provisions.
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2025-02-18 15:37