The Daily Crypto Update brings you the latest and most significant happenings in the world of digital assets. Despite the quiet crypto market as we approach the summer, the scene remains vibrant with acquisitions, plans for substantial investments, and launches of new services.
Today, we’re discussing Robinhood’s successful acquisition of Bitstamp, a NASDAQ-listed company’s ambitious plan to raise $500 million for buying SOL, the introduction of Kraken Prime, and more.
Robinhood, the popular trading platform, has wrapped up its $200 million acquisition of Bitstamp, one of the oldest crypto exchanges in the world. This acquisition, which has been pending for a year, marks Robinhood’s first venture into institutional crypto services.
Bitstamp’s extensive customer base across the EU, UK, and Asia is now at Robinhood’s disposal as the platform looks to extend its reach beyond America’s borders. Bitstamp’s reputation and a repertoire of over 85 tradable assets, backed by more than 50 worldwide licenses, further strengthen Robinhood’s position.
In addition to this, Classover, an ed-tech company listed on NASDAQ, has unveiled plans to raise up to $500 million through convertible notes, with 80% of the proceeds directed towards buying SOL for its treasury. This move follows an earlier $400 million equity purchase agreement, taking Classover’s potential funding capacity for SOL accumulation to a whopping $900 million.
Furthermore, Kraken, a renowned name in the crypto industry, has rolled out Kraken Prime, a comprehensive prime brokerage for institutional clients. This new service offers clients access to crypto trading, custody, and financing all under one roof.
Lastly, the Ethereum Foundation has revamped its R&D division, now known simply as “Protocol,” and the Blockchain Group has acquired 624 BTC for $68.7 million, taking its total holdings to 1,471 BTC ($157 million).
Stay tuned for more updates from the fast-paced crypto world!
