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Robinhood Buys Cross-Exchange Crypto Trading Platform Cove: What You Need To Know

Robinhood Buys Cross-Exchange Crypto Trading Platform Cove: What You Need To Know
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Robinhood Markets Inc (NASDAQ: HOOD) said Tuesday it has acquired Cove Markets, a cross-exchange trading platform.

What happened: Cove Markets team and company founders Scott Knudsen And Victor Head He will be joining the Robinhood crypto team.

“Scott, Victor and the Cove Markets team will enhance our crypto trading platform and help us advance our leadership in the crypto industry,” he said. Kristen BrownChief Operating Officer, Robinhood Crypto.

“Their wealth of experience in trading execution and crypto market infrastructure will help us build more robust trading capabilities, bringing the benefits of better competition in the crypto markets to our clients,” Brown said in a statement.

See also: How to buy stocks on Robinhood (HOOD)

why does it matter: The Block notes that this is the first acquisition of Robinhood Crypto as it prepares to roll out crypto wallets.

On Tuesday, it was reported that Robinhood is integrating analytics tools from Chainalysis for the purposes of reporting risky transactions and visualizing chains for due diligence.

the Vlad Tenev The co-founded trading platform is expected to begin beta testing of its cryptocurrency platforms in January.

The wallets are expected to allow Robinhood users to deposit or withdraw cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE), which they can’t do at present.

Robinhood said it is “actively hiring” the crypto team across its US offices as well as in remote locations.

price movement: On Tuesday, Robinhood shares closed nearly 2.9% lower at $19.13 in the regular session. At the time of writing, BTC is trading 3.09% higher at $48,143.85.

read the following: Robinhood is said to be working on allowing users to send crypto like Bitcoin and Dogecoin to others via digital gift cards

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