FTX is seeking to acquire Robinhood Markets Inc (NASDAQ:HOOD), Bloomberg reported Monday.
The development is just one-week after FTX US announced its acquisition of Embed Clearing, a specialist in white label brokerage experiences.
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Why It Matters: The addition of Embed Clearing, as well as the reported interest in buying the app-based brokerage Robinhood, is pursuant to founder Sam Bankman-Fried’s desire to expand into assets outside of crypto.
“If you look longer down the road, we would absolutely like to get involved in other asset classes, and to become a global liquidity venue across the board,” he said in a Benzinga conversation in December.
Though no formal takeover approach was attempted, Bankman-Fried, nearly a month ago, bought a large stake — 7.6% — in the app-based broker.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.