No-fee trading app Robinhood has acquired cross-exchange trading platform Cove Markets to make it easier for customers to manage their crypto accounts, the company said in a blog post Tuesday. The terms of the deal were not disclosed.
- Cove’s 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, 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.
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