Online broker Robinhood has announced the acquisition of Cove Markets, a cross-exchange platform for trading digital assets, to develop its app.
Thrilled to welcome the @CoveMarkets team to Robinhood! Their incredible experience in trading execution and crypto market infrastructure will help us to build an even better crypto platform for all our Robinhood crypto traders. https://t.co/m4Wnl9Ojv3
— Christine (Hall) Brown (@christine_hall) December 14, 2021
Terms of the deal were not disclosed.
“Cove’s rich experience in trade execution and market infrastructure will enable more efficient trading opportunities,” said Christine Brown, COO of Robinhood Crypto.
The platform’s co-founders Scott Knudsen and Victoria Glava, along with the project team, will join Robinhood.
Cove Markets launched in 2018 with the aim of helping users manage their accounts and use tools to build portfolios.
Earlier in December, Robinhood announced a partnership with analytics platform Chainalysis ahead of launching its own cryptocurrency wallet. In September, the online broker confirmed testing an app for storing digital assets. According to the company, the waitlist for the wallet exceeded one million users.
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