Robinhood Gets Big 60% Cut on $170M Exchange Acquisition: Report
US-based stock and crypto trading platform reportedly got 60% off initial offer made in Ziglu due to poor market conditions.
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Equity and crypto investment platform Robinhood reportedly got a 58% discount on its $170 million bid to buy crypto exchange Ziglu due to unfavorable market conditions.
>Robinhood's initial offer came in April, but according to various online reports around August 17, the company revised its offer to $72.5 million after citing unfavorable market conditions. Ziglu CEO Mark Hipperson reportedly accepted the offer on August 18.
Robinhood reportedly highlighted a host of factors including the bear market, the implosion of several large centralized crypto lenders BlockFi, Celsius and Voyager, and other macro factors such as the Russian invasion of Ukraine .
Total crypto market capitalization has fallen nearly 40% since April according to CoinGecko, adding significant pressure to Robinhood to rethink how much it was willing to spend on UK-based Ziglu .
Ziglu is also listed as one of the top 50 unsecured creditors of bankrupt crypto lender Celsius. Ziglu's funds on Celsius could be tied up indefinitely as the lender is fast running out of money and operating with a multi-billion dollar deficit while undergoing bankruptcy proceedings.
The acquisition of Ziglu by Robinhood is part of the company's plans to make headway in the UK market, but the Robinhood team led by CEO Vlad Tenev may have to backtrack t...
US-based stock and crypto trading platform reportedly got 60% off initial offer made in Ziglu due to poor market conditions.
New
Equity and crypto investment platform Robinhood reportedly got a 58% discount on its $170 million bid to buy crypto exchange Ziglu due to unfavorable market conditions.
>Robinhood's initial offer came in April, but according to various online reports around August 17, the company revised its offer to $72.5 million after citing unfavorable market conditions. Ziglu CEO Mark Hipperson reportedly accepted the offer on August 18.
Robinhood reportedly highlighted a host of factors including the bear market, the implosion of several large centralized crypto lenders BlockFi, Celsius and Voyager, and other macro factors such as the Russian invasion of Ukraine .
Total crypto market capitalization has fallen nearly 40% since April according to CoinGecko, adding significant pressure to Robinhood to rethink how much it was willing to spend on UK-based Ziglu .
Ziglu is also listed as one of the top 50 unsecured creditors of bankrupt crypto lender Celsius. Ziglu's funds on Celsius could be tied up indefinitely as the lender is fast running out of money and operating with a multi-billion dollar deficit while undergoing bankruptcy proceedings.
The acquisition of Ziglu by Robinhood is part of the company's plans to make headway in the UK market, but the Robinhood team led by CEO Vlad Tenev may have to backtrack t...
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