The crypto “unicorn” Robinhood is breaking a new ground when it comes to expansion and market penetration. The cryptocurrency trading app is now entering the European market with acquiring a license to operate in the United Kingdom.
The FCA has granted a license to the company’s subsidiary called Robinhood International to act as a broker in the UK. Following the announcement, the company’s executives shared that this is a particularly important milestone for Robinhood, as the company strives to bring finance to all and democratise the entire financial world.
In addition, what’s interesting is Robinhood’s choice for head of the new company in the United Kingdom. The appointed person is none other but Mr. Wander Rutgers, who is a TransferWise executive. He will be the President of Robinhood’s subsidiary and reportedly was chosen for his experience with startups and product knowledge. For example, he helped his previous company, Plum, to launch a savings and service.
Just in the beginning of this year, Robinhood acquired the BitLicense to operate in the state of New York, in addition to a money transmission license. The company recently reached an important valuation point of $7.6 billion, after it raised $320 million in its latest funding round.