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Robinhood (HOOD) acquires crypto platform Cove Markets

December 14, 2021 4:03 PM EST

Robinhood (NASDAQ: HOOD) acquires crypto platform Cove Markets.

From the company:

We’re excited to share that Cove Markets is joining Robinhood. Cove Markets Inc. is a cross-exchange trading platform that makes it easier for people to manage their crypto accounts. As part of the acquisition, co-founders Scott Knudsen and Victor Glava, as well as the Cove Markets team, will join the Robinhood crypto team.

Robinhood and Cove Markets share a common goal of making investing in cryptocurrencies simpler and lower cost. With the Cove Markets team on board, we’ll continue building a world-class crypto trading platform. The team will also help ensure our customers get the best trade execution in the crypto market.

“We started Cove Markets three years ago to help crypto investors get the most out of their trading experience,” said Scott Knudsen, CEO and Co-Founder of Cove Markets. “Now, we are excited to join Robinhood to help build a world-class platform that can improve trading for millions of customers.”

“Scott, Victor and the Cove Markets team will bolster our crypto trading platform and help us strengthen our leadership in the crypto industry,” said Christine Brown, Chief Operating Officer of Robinhood Crypto. “Their 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.”

Since launching Robinhood Crypto in 2018, we’ve worked hard to make crypto more accessible and easier to understand, all while continuing to offer zero-commission fees. Blockchain and cryptocurrencies were created to decentralize finance and return power to the people—which align perfectly with our mission to democratize finance for all. We’re actively hiring for our crypto team across our U.S. offices, as well as remote locations—check out our open roles.

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