Robinhood Acquires Cross-Exchange Crypto Trading Platform Cove Markets
- The entire team of Cove Markets, including co-founders, will join Robinhood.
- The amount involved in the deal is unknown.
American no-fee broker Robinhood announced on Tuesday that it has acquired the cross-exchange trading platform, Cove Markets. This will allow investors on Robinhood to easily manage their cryptocurrency accounts.
The official blog post highlighted that both companies ‘share a common goal of making investing in cryptocurrencies simpler and lower cost’.
As a part of the acquisition, the Cove Markets Co-Founders, Scott Knudsen and Victor Glava, along with their team, will join Robinhood’s crypto unit. However, neither of the companies have disclosed the amount involved in the acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term deal.
“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, Chief Operating Officer of Robinhood Crypto, said.
“Their wealth of experience in trading execution
Execution
Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co
Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co
Read this Term and crypto market infrastructure will help us to build more powerful trading capabilities, bringing the benefits of better competition in the crypto markets to our customers.”
Filling the Gap Between Crypto Exchanges
Founded three years ago, Cove Markets has been building tools to help crypto investors manage their accounts and is maintained across multiple exchanges.
“Now, we are excited to join Robinhood to help build a world-class platform that can improve trading for millions of customers,” Knudsen, said.
Robinhood started to offer cryptocurrency investment services in 2018 in addition to its regular commission-free stock trading services. Though it does not allow investors to own and move crypto like other dedicated crypto exchanges, it is in the process of rolling out a crypto wallet.
Meanwhile, crypto trading demand on Robinhood soared with the initial rally of meme tokens earlier this year as it was the only credible American exchange to list them at the time. Furthermore, the platform generated more than half of its transaction-based revenue in Q2 of 2021 from crypto trading, but the demand faded away in the next quarter.
American no-fee broker Robinhood announced on Tuesday that it has acquired the cross-exchange trading platform, Cove Markets. This will allow investors on Robinhood to easily manage their cryptocurrency accounts.
The official blog post highlighted that both companies ‘share a common goal of making investing in cryptocurrencies simpler and lower cost’.
As a part of the acquisition, the Cove Markets Co-Founders, Scott Knudsen and Victor Glava, along with their team, will join Robinhood’s crypto unit. However, neither of the companies have disclosed the amount involved in the acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term deal.
“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, Chief Operating Officer of Robinhood Crypto, said.
“Their wealth of experience in trading execution
Execution
Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co
Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co
Read this Term and crypto market infrastructure will help us to build more powerful trading capabilities, bringing the benefits of better competition in the crypto markets to our customers.”
Filling the Gap Between Crypto Exchanges
Founded three years ago, Cove Markets has been building tools to help crypto investors manage their accounts and is maintained across multiple exchanges.
“Now, we are excited to join Robinhood to help build a world-class platform that can improve trading for millions of customers,” Knudsen, said.
Robinhood started to offer cryptocurrency investment services in 2018 in addition to its regular commission-free stock trading services. Though it does not allow investors to own and move crypto like other dedicated crypto exchanges, it is in the process of rolling out a crypto wallet.
Meanwhile, crypto trading demand on Robinhood soared with the initial rally of meme tokens earlier this year as it was the only credible American exchange to list them at the time. Furthermore, the platform generated more than half of its transaction-based revenue in Q2 of 2021 from crypto trading, but the demand faded away in the next quarter.