Robinhood wins FCA approval to operate in the UK, potentially boosting crypto trading volumes
|Robinhood, which is a US-based investment company has received approval from the FCA (Financial Conduct Authority) to operate in the United Kingdom. The company is said to be valued at approximately $7.6 billion and reportedly has around 6 million registered users.
After announcing the news on Wednesday, the company said it will be a subsidiary of Robinhood International ltd. and act as a broker in the UK. This is great news for the crypto community as it means volumes will pick up in the area and the FCA have authorized another broker to sell crypto assets legally, alongside the likes of etoro and Coinbase.
The firm commented by saying “This authorization will enable us to bring our investing platform to customers in the U.K., and is a critical step to achieve our mission of democratizing finance for all.". The app is the first of its kind and does not charge commission for stock and ETF purchasing and it is yet to be seen if the same rules will apply in the UK but one thing is for sure that is the companies ethos and it's hard to see why it would change.
Robinhood has appointed ex Transferwise and Plum and Money employee Wander Rutgers as the head of the UK business he previously held the title of Head of Treasury and Head of banking and international expansion respectively.
This is another boost for the company who raised around $323 million in Series E funding not so long ago and could be looking into a public listing (IPO) soon.
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