Robinhood, the US-based online brokerage, is moving ahead with plans to offer cryptocurrency trading in Singapore, leveraging its acquisition of the European crypto exchange Bitstamp.
The move is part of a broader strategy to expand into Asia and grow its crypto business, capitalising on Bitstamp’s existing regulatory approvals and institutional client base.
Although no official launch date has been set, Robinhood aims to begin offering crypto services to Singaporean customers by late 2025.
The company confirmed this goal through Johann Kerbrat, Robinhood Crypto's Vice President and General Manager.
Kerbrat explained that Bitstamp's established regulatory standing in Singapore was a key factor in Robinhood's decision to acquire the exchange in June 2024 for $200 million.
In an interview, Kerbrat stated,
"Part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional business."
This acquisition, pending final regulatory approval, is expected to close within the first half of 2025, paving the way for Robinhood’s crypto services in the region.
In 2024, Bitstamp received in-principle approval from the Monetary Authority of Singapore (MAS), marking a significant step towards its entry into the local market.
The approval allows Robinhood, once the acquisition is complete, to operate under the guidance of local regulators, ensuring compliance with Singapore's regulatory framework.
Kerbrat confirmed that the aim is to launch Robinhood's crypto products in Singapore just a few months after the deal is finalised.
The firm has made no secret of its ambition to expand into Asia, with Singapore serving as its initial foothold in the region.
View of Singapore's Central Business District from Merlion Park
The brokerage is also eyeing licenses in other parts of Asia as part of its long-term growth strategy.
This follows a string of international expansion moves, including the launch of crypto services in Spain earlier this year and the introduction of US equity options trading for UK customers in February.
Robinhood’s crypto business has shown significant growth, with crypto revenue reaching $358 million in the fourth quarter of 2024.
This accounted for over half of the company’s $672 million in transaction-based revenues.
The surge in crypto trading volumes — up 450% year-over-year to $71 billion — reflects growing demand, driven in part by the rise in memecoin popularity.
Despite the controversy surrounding the “Libragate” memecoin launch, which saw over $4 billion in market capitalisation evaporate in a matter of days, Robinhood has reported strong demand for memecoins among its users.
Kerbrat remarked on this dynamic:
"We don’t want to make decisions for the customer but if customers are asking for something and we feel like we have a way to offer it safely, we will do it."
Memecoins have seen a spike in interest following high-profile launches, including the debut of the Official Trump (TRUMP) memecoin in January, which coincided with Donald Trump’s inauguration.
Crypto exchanges like Binance.US and Coinbase have been listing more memecoins, contributing to the rising market activity.
As part of Robinhood’s ongoing push into institutional crypto trading, Bitstamp will play a crucial role.
With its established client base and regulatory standing in key markets, including Singapore, the exchange will help Robinhood strengthen its position in the global crypto trading space.
The acquisition and expansion efforts come amid a year of regulatory challenges for Robinhood, including a $45 million settlement with the US Securities and Exchange Commission over securities law violations.
However, the company remains focused on scaling its crypto operations, both in the US and abroad.
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