Robinhood Markets Inc. is progressing with the acquisition of Bitstamp Ltd., a prominent global cryptocurrency exchange.

To advance this acquisition, Robinhood Crypto LLC has submitted a change of control application to the New York Department of Financial Services (NYDFS).

The department acknowledged the receipt of this application on July 3, 2024. This acquisition represents a strategic move for Robinhood as it aims to strengthen its position in the cryptocurrency market.

Bitstamp, known for its robust trading platform, will integrate into Robinhood's expanding portfolio of financial services.

Further details on this acquisition are anticipated as Robinhood navigates the regulatory approval process.

This move underscores Robinhood's commitment to diversifying its offerings and reinforcing its presence in the growing digital asset space.