Key Takeaways
Robinhood plans to launch crypto services in Singapore through Bitstamp in late 2025.
Bitstamp has in-principle approval from the Monetary Authority of Singapore.
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 to launch its crypto offerings in Singapore in late 2025, after completing its acquisition of Bitstamp in the first half of the year, according to Johann Kerbrat, who heads up Robinhood’s crypto division. The company has yet to lock down an exact launch date.
Singapore is vying with Hong Kong to become the dominant digital asset hub in the Asia-Pacific region, attracting global players with its dedicated regulatory framework. Robinhood’s purchase of Bitstamp was driven, in part, by the exchange’s licensing in Singapore.
In March 2024, Bitstamp secured in-principle approval from the Monetary Authority of Singapore (MAS). The approval allows the exchange to offer digital payment token services in compliance with Singapore’s Payment Services Act. Bitstamp 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.