Robinhood Markets Inc (NASDAQ:HOOD) plans to introduce Singapore crypto offerings in 2025 through an entity of Bitstamp Ltd subsidiary.
The company plans to roll out the services as per regulatory guidance by 2025, Bloomberg cites from an interview with Robinhood Crypto vice president and general manager Johann Kerbrat, vice president and general manager on Tuesday.
Robinhood snapped European digital-assets exchange Bitstamp for $200 million in June 2024 to tap its licenses with Singapore and institutional business, Bloomberg cites Kerbrat.
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Kerbrat expects Robinhood’s crypto products to launch in Singapore shortly after the Bitstamp deal closes in the first half of 2025. Singapore has emerged as Asia-Pacific’s digital assets industry hub.
Last December, Robinhood shared plans to launch its trading businesses in Asia in 2025, tapping Singapore as its home base akin to the geographical diversification of Futu Holdings (NASDAQ:FUTU).
Robinhood plans to win brokerage licenses in Singapore. Bitstamp also holds licenses and registrations in European Union countries.
Robinhood Markets stock surged 343% in the last 12 months as its business gained traction fueled by a digital-asset market rally sparked by President Donald Trump’s pro-crypto agenda.
Bernstein named Robinhood as the best idea for 2025, citing the fourth-quarter performance marking a turning point, with total revenue reaching $1 billion for the first time.
The firm backed its thesis by citing the continued bull market in cryptocurrency, which is supported by a more favorable regulatory environment and increasing institutional adoption of Bitcoin.
The firm expects Robinhood’s additional crypto offerings to drive revenues up by 30%. Bernstein also highlighted the company’s take-rate expansion, Bitstamp acquisition, and geographical diversification.
Price Action: HOOD stock is down 7.95% at $60.09 at last check Tuesday.
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