Robinhood Acquired Cove Markets- A Cross Crypto Trading Platform

Robinhood acquired Cove Markets, a cross-exchange trading platform that enables users to trade on multiple centralized exchanges and manage the aggregated financial data as we can see more today in our latest cryptocurrency news.

Robinhood is a financial markets company based in California which announced the acquisition of Cove Markets. Robinhood Acquired Cove Markets as an API platform that enables users to trade on centralized exchanges and to manage aggregated financial data. The CEO of Cove Markets Scott Knudsen stated that they established the platform three years ago today to help the investors make the most of the trading experience.

The common goal between Cove Markets and Robinhood is to create a world-class crypto trading platform that makes investing in crypto simpler, low-cost, and able to complete high-quality execution tasks. Christine Brown as the Chief Operating Officer of Robinhood said that Cove Markets team has extensive experience in transaction execution and crypto market infrastructure so, with the addition of the team, they will build a stronger trading capability and will provide customers with better competition in the crypto market.

As a part of the deal, co-founders Scott Knudsen and Victor Glava and the Cove Markets team will join the Robinhood encryption team, as Christine Brown added:

“Scott, Victor, and the Cove Markets team will bolster our crypto trading platform and help us strengthen our leadership in the crypto industry.”

After completing the acquisition, the traders of Robinhood crypto can connect more than 7 exchanges including Bitfinex, Kraken, Coinbase Pro, and use the Cove Markets platform to trade more than 50 virtual currencies. Since Robinhood launched the platform in 2018, it expanded its team’s competitiveness in the crypto field. As reproted previously, Robinhood partnered with Blockchain analytics company Chainalyis to help the trading app to fulfill compliance before the rollout of the crypto wallet which is planned to be launched for all of the users in 2022.

Also as recently reported, Robinhood partnered with Chainalysis in order to create a better system for monitoring money laundering and said that it is putting safety first for its users. Robinhood hasn’t set a release date for its crypto wallet app yet but in the spirit of safety-first company sentiment, Robinhood partnered with Chainalysis to use its Know Your Transaction and Reactor software and manage the compliance with its brokerage app and wallet.