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Robinhood Acquires Cross-Exchange Crypto Trading Firm Cove Markets
Cove’s co-founders and markets team will join Robinhood as part of the acquisition.
No-fee trading app Robinhood has acquired cross-exchange trading platform Cove Markets to help ensure quality trade executions for its users, the company said in a blog post Tuesday. The terms of the deal were not disclosed.
- Cove co-founders Scott Knudsen and Victoria Glava as well as the Cove Markets team will join Robinhood’s crypto team as part of the acquisition.
- The crypto team will focus on “obtaining quality executions for customers in the crypto market,” Robinhood said in the post.
- Cove’s “wealth of experience in trading execution and crypto market infrastructure will help us to build more powerful trading capabilities, bringing the benefits of better competition in the crypto markets to our customers,” said Christine Brown, the chief operating officer of Robinhood Crypto.
- Cove Markets was launched three years ago to help users manage their accounts and use tools to build their portfolios.
Read more: Robinhood Turns to Chainalysis for Data, Compliance Tools
STORY CONTINUES BELOW
UPDATE (Dec. 15, 15:17 UTC): Clarified the goal of the acquisition in the first sentence.
Michael Bellusci
Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.
