Trading platform Robinhood (HOOD) is set to introduce cryptocurrency products in Singapore this year, pending the completion of its purchase of the crypto exchange Bitstamp, as reported by Bloomberg.

Robinhood agreed to acquire Bitstamp in June and expects the $200 million deal to close in the first half of the year. The launch of its crypto products in Singapore should follow shortly thereafter, according to Johann Kerbrat, vice president and general manager of Robinhood Crypto.

“Part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional business.”
“Una de las razones por las que Bitstamp fue atractiva fue por sus licencias en Singapur, además de su negocio institucional.”

Bitstamp secured an in-principle license from the Monetary Authority of Singapore last year, paving the way for the company to obtain a Major Payment Institution license, enabling it to provide digital token services in the region. Bitstamp stated this in an official announcement.

During a meeting in 2024, Robinhood CEO Vlad Tenev indicated that the company planned to expand into Asia this year, designating Singapore as its base.

Neither Robinhood nor Bitstamp responded to requests for comments before this publication.