According to a blog post published on Tuesday, no-fee trading platform Robinhood has announced the acquisition of cross-exchange trading platform Cove Markets to make it easier for customers to manage their cryptocurrency accounts. The financial terms of the deal were not revealed at the time of publishing.
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 (@christine_hall) December 14, 2021
As part of the acquisition, Cove’s co-founders Scott Knudsen and Victoria Glava and the Cove Markets team will join Robinhood’s cryptocurrency team.
The crypto team will be focused on “obtaining quality executions for customers in the crypto market,” said the post.
The official believes in the powerful combined capabilities of Robinhood and Cove
“We expect that the combined experience of Cove and Robinhood Crypto will allow us to build more powerful trading capabilities, allowing our customers to benefit from increased competition in the crypto markets,” said Chief Operating Officer of Robinhood Crypto Christine Brown.
In recent years, Robinhood has devoted a significant amount of attention to the cryptocurrency industry. It is actively integrating new features to increase its adoption, and the latest in the list is the “Recurring crypto investment” feature. This feature enables users to buy coins regularly every day, week, or month. Additionally, in recent days, the company has also launched its 24/7 trained customer service support.
The acquired company, Cove Markets, which was founded three years back, offers traders and investors to trade more than 50 major currencies and altcoins on up to seven exchanges, including Coinbase Pro, Kraken, and Bitfinex, all from a single platform.
Robinhood announced in September that it would be pilot testing a digital wallet, as TheCoinRise previously reported. It will be possible for investors to consolidate their coins into a single wallet and trade with them. Recently, the number of customers on the Robinhood Digital Wallet waitlist surpassed one million.