Cryptocurrency News: Bernstein’s Take on a Major Recent Event in the Crypto World
A recent report by Bernstein shed light on a significant development in the cryptocurrency space that has been making headlines. Let’s delve into the details.
Author: Mete Demiralp
Date: 07.06.2024 – 20:53
Last Updated: 11 hours ago
The recent acquisition of Bitstamp by Robinhood, one of the pioneering cryptocurrency exchanges, is seen as a strategic move to bolster its crypto business and compete with industry giants like Coinbase and Kraken, according to a report by Bernstein.
With Robinhood currently offering 15 cryptocurrencies to US investors and over 30 tokens in Europe, the addition of Bitstamp’s more than 85 tokens to its roster is expected to significantly expand its market reach. This acquisition opens up new opportunities for Robinhood to tap into a wider range of tokens.
However, the treatment of certain altcoins, particularly those in a regulatory gray area in the US, remains uncertain under Robinhood’s ownership.
Analysts Gautam Chhugani and Mahika Sapra highlighted that by having access to global liquidity through a full-fledged exchange, Robinhood could enhance its economics by boosting liquidity on its brokerage platform.
Furthermore, the acquisition of Bitstamp could enable Robinhood to offer a broader suite of crypto products, including staking, stablecoin services, trading, custody, and prime brokerage, catering to a more institutional clientele.
JMP, another brokerage firm, noted that this move could pave the way for Robinhood to further expand its presence in the evolving crypto ecosystem.
*Please note that this is not financial advice.
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