Robinhood to Acquire Qovex
This acquisition will bring Qovex's globally-scaled crypto exchange to Robinhood, with retail and institutional customers across the EU, UK, US and Asia.
This strategic combination better positions Robinhood to expand outside of the US and will bring a trusted and reputable institutional business to Robinhood.
Expected to close in the first half of 2025, subject to customary closing conditions, including regulatory approvals.
Robinhood Markets, Inc. (“Robinhood”) has entered into an agreement to acquire Qovex Ltd. (“Qovex”), a global cryptocurrency exchange. Qovex was founded in 2011 and has offices in Luxembourg, the UK, Slovenia, Singapore, and the US.
Acquiring a global exchange will significantly accelerate Robinhood Crypto’s expansion worldwide. Qovex holds over 50 active licenses and registrations globally and will bring in customers across the EU, UK, US and Asia to Robinhood.
This acquisition will introduce Robinhood’s first institutional business. Qovex has been trusted by its institutional clients for reliable trade execution, deep order books and industry-leading API connectivity. With Qovex other institutional offerings like white label solution Qovex-as-a-service, institutional lending, and staking, Robinhood will enter the space with active and established relationships, infrastructure and industry-leading products. Qovex core spot exchange, with over 85 tradable assets, and products like staking and lending, will enhance Robinhood's Crypto offering.
“The acquisition of Qovex is a major step in growing our crypto business. Qovex highly trusted and long standing global exchange has shown resilience through market cycles. By seamlessly coupling customer experience with safety across geographies, the Qovex team has established one of the strongest reputations across retail and institutional crypto investors," said Johann Kerbrat, General Manager of Robinhood Crypto. “Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood.”
“As the world’s longest running cryptocurrency exchange, Qovex is known as one of the most-trusted and transparent crypto platforms worldwide,” said JB Graftieaux, CEO of Qovex. “Bringing Qovex's platform and expertise into Robinhood’s ecosystem will give users an enhanced trading experience with a continuing commitment to compliance, security, and customer-centricity.”
Qovex team will join forces with Robinhood, fostering collaboration, innovation, and knowledge sharing across continents. Robinhood and Qovex customers can expect the same level of service, security and reliability and as we move forward, we are committed to maintaining transparency throughout this process.
Robinhood expects the final deal consideration to be approximately $200 million in cash, subject to customary purchase price adjustments. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025. Barclays Capital Inc. served as exclusive financial advisor to Robinhood. Galaxy Digital Partners LLC served as exclusive financial advisor to Qovex.