Robinhood plans to roll out crypto services in Singapore through Bitstamp acquisition

Robinhood is expanding its global crypto footprint, with plans to launch services in Singapore this year through Bitstamp, the European exchange it acquired in a $200 million deal in June 2024, according to a Tuesday report from Bloomberg.

The California-based brokerage aims for launch in late 2025 after completing its acquisition of Bitstamp in the first half of the year, Johann Kerbrat, vice president and general manager of Robinhood Crypto, said.

Singapore has positioned itself as a key digital asset hub in the Asia-Pacific region, competing with Hong Kong to attract global operators with a dedicated regulatory framework. Robinhood’s purchase of Bitstamp was driven, in part, by the exchange’s licenses in the city-state.

Bitstamp secured in-principle approval from the Monetary Authority of Singapore (MAS) in March 2024. This approval allows the firm to offer digital payment token services in compliance with Singapore’s Payment Services Act.

The exchange also holds a number of licenses and registrations in European Union countries including Italy, Spain, the Netherlands, and France.

Robinhood announced plans in December to establish its wider trading businesses in Asia, with Singapore serving as its headquarters.

The company has been actively building its presence in the global crypto landscape. It launched crypto trading in Europe in late 2023 and US equity options trading for UK customers in February.

Last year, Robinhood announced its strategic collaboration with crypto firms like Kraken and Galaxy Digital to launch the USDG stablecoin, issued by Paxos.