Mark Hipperson, the Founder and Chief Executive Officer (CEO) of London-based cryptocurrency portfolio investment platform, Ziglu, has given up his role as the CEO of the company. This happened days after Robinhood terminated its deal to acquire his company.

Hipperson announced his resignation on Monday through LinkedIn. He has been running the company as CEO since September 2018. However, he remains with the company as a Non-Executive Director and shareholder.

“Today, I am announcing my resignation as CEO of Ziglu, a company that I founded back in 2018 and launched in June 2020. Over the past few years, I have been fortunate enough to lead this dynamic fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term through a period of remarkable growth and achievement. Despite the recent collapse of the Robinhood deal, I am proud of what the team and I have accomplished, and I know that Ziglu has a bright future ahead,” Hipperson wrote on LinkedIn.

In April last year, Robinhood, a US-based commission-free stock trading and investing app, announced plans to acquire Ziglu in its bid to reenter the UK after shelving the plan a year earlier. Months later (August), Robinhood attempted to cut down the price of 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 by 57% from $170 million to $72.5 million, citing market conditions. However, earlier this month, Robinhood cancelled the deal, suggesting that both companies could not come to a compromise.

Robinhood Sees Lower Crypto Revenue in Q4 2022

The cancellation of the deal with Ziglu comes as lower cryptocurrency trading volumes in recent months rattled Robinhood's revenue from digital asset trading on its platform. The neobroker’s crypto revenue worsened from its third quarter outing, dropping by 24% quarter-over-quarter (QoQ) to $39 million during Q4 2022.

However, the US company saw a 5% increase in its total net revenue during the quarter as the figure reached $380 million despite an 11% decrease in its transaction-based revenues. The transaction-based revenue declined to $186 million.

In a different development, Robinhood’s Board recently approved the repurchase of the 55 million Robinhood shares that Sam Bankman-Fried- controlled Emergent Fidelity Technologies bought in May last year.

Meanwhile, Finance Magnates reports that a US judge has dismissed a lawsuit accusing Robinhood of misleading retail investors during an initial public offering (IPO) almost two years ago. Moreover, Judge Edward Chen dismissed charges against Vladimir Tenev, Robinhood’s CEO, and the IPO underwriters led by JPMorgan and Goldman Sachs.