Robinhood Acquires Cross-Exchange Trading Platform Cove Markets

The move would help Robinhood acquire better executions for customers in the crypto market.
Robinhood Is Set To Acquire Cross-exchange Trading Platform Cove Markets

In Brief:

  • Robinhood purchased cross-exchange trading platform Cove Markets yesterday. 
  • Robinhood and Cove Markets want to make bitcoin investing more accessible and affordable.

Robinhood, the trading app with no fees according to a blog post published on Tuesday, has purchased cross-exchange trading platform Cove Markets to make it easier for clients to manage their crypto accounts. 

Scott Knudsen and Victoria Glava, as well as the Cove Markets team, will join Robinhood’s crypto team as part of the deal.

The purpose of Robinhood and Cove Markets is to make cryptocurrency investing easier and less expensive and to provide benefit to customers from the team’s focus on attaining high-quality crypto market executions.

Cove Markets’ CEO and Co-Founder, Scott Knudsen, stated, “we started Cove Markets three years ago to help crypto investors get the most out of their trading experience.”

He further said, “now, we are excited to join Robinhood to help build a world-class platform that can improve trading for millions of customers.” 

The company has worked so hard to make cryptocurrencies more accessible and understandable since the launch of Robinhood Crypto in 2018, while keeping a zero-commission philosophy.

Christine Brown, Robinhood Crypto’s Chief Operating Officer, stated, “Scott, Victor and the Cove Markets team will bolster our crypto trading platform and help us strengthen our leadership in the crypto industry.”

She further added by saying, “their wealth of experience in trading execution 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.”

It was just this Monday when Chainalysis announced a partnership with Robinhood Crypto, in which the latter would rely on Chainalysis data and tools to meet compliance standards prior to the launch of its crypto wallet.

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