Crypto wallet and card startup Ziglu is set to be acquired by brokerage app company Robinhood, according to a Tuesday statement from the companies.
"We’ve signed an agreement to join Robinhood and we couldn’t be more excited," Ziglu told customers in a message. "Ziglu and Robinhood share a common DNA, working to reduce the barriers to entry for a new generation of investors, and we’re looking forward to pursuing that mission together."
The firm added that "[t]his agreement is subject to regulatory approval, so for now, nothing will change."
"As we look to expand internationally, we’re excited to announce that we’ve signed a deal to acquire Ziglu Limited, a UK-based electronic money institution and cryptoasset firm, subject to regulatory approvals and other customary closing conditions," Robinhood said in its own statement.
As previously reported by The Block, Ziglu had closed a £6.1 million crowdfunding round at the end of 2020.
Earlier this month, Robinhood announced that it was expanding access to its crypto wallet service. Additionally, Robinhood plans to roll out support for the Lightning networks, a bitcoin-focused payments network, in the coming months.