Welcome to this week’s crypto news review, where we delve into the most significant developments in the digital asset world. Our top story highlights Robinhood Markets, Inc.’s landmark acquisition of Bitstamp Ltd., aimed at enhancing its global reach. Additionally, Tether’s substantial investment in XREX Group to boost digital asset innovation, Bitpanda’s partnership with Deutsche Bank for real-time banking services, Kaiko’s collaboration with Gemini to enhance derivatives trading, and Anchorage Digital’s expansion of crypto custody with new assets round out the notable events of the week. Let’s dive into these stories for a comprehensive overview of the latest in the crypto industry.
Robinhood Crypto Exchange Acquires Bitstamp
In the most significant news of this week, Robinhood Markets, Inc. announced to acquire Bitstamp Ltd. to enhance its crypto offerings and expand its global reach. Expected to close in the first half of 2025, this acquisition aims to integrate Bitstamp’s reputable exchange services into Robinhood’s platform. The plan is to serve both retail and institutional customers across the EU, UK, US, and Asia.
For the first time, Robinhood will enter the institutional market, leveraging Bitstamp’s reputation for reliable trade execution and deep order books. Bitstamp’s additional services, such as its white label solution, institutional lending, and staking, will complement Robinhood’s offerings. This acquisition will also integrate Bitstamp’s core spot exchange, featuring over 84 tradable assets, enriching Robinhood’s crypto portfolio. The merger will see Bitstamp’s team join Robinhood, fostering collaboration and innovation. Robinhood values the deal at approximately $200 million in cash. Barclays Capital acted as Robinhood’s exclusive financial advisor, while Galaxy Digital Partners served as Bitstamp’s advisor.
Tether Invests Millions in XREX to Boost Digital Asset Innovation
Tether, $USDT stablecoin issuer has invested $18.75 million in XREX Group, a regulated blockchain-based financial firm. The move is aimed to enhance digital asset innovation and can be considered the second most important news of this week. This partnership aims to facilitate cross-border payments through USDT in new markets and improve regulatory technology. With Tether’s funding, XREX will provide compliant cross-border B2B payments in emerging markets using $USDT.
The partnership also aims to advance Regulatory Technology (RegTech) by developing solutions to detect and prevent the illegal use of stablecoins. This investment underscores Tether’s efforts to expand cryptocurrency adoption in underserved communities, promoting a more interconnected and inclusive financial landscape. The management of both firms highlighted the investment as part of their mission to promote financial inclusion and development in emerging markets.
Bitpanda and Deutsche Bank Partner for Real-Time Banking Services
Bitpanda crypto exchange has recently partnered with Deutsche Bank to offer real-time payment services. This is another huge news from this week which is among top 3 news from this week. Through this important collaboration, Deutsche Bank will provide local IBANs for Bitpanda users in Germany, allowing them to safely deposit and withdraw funds.
This partnership marks the first time a major foreign bank has collaborated with a cryptocurrency company to integrate traditional and digital finance. It underscores Bitpanda’s strong brand and reliability while aiming to simplify the integration of crypto with conventional finance. The partnership seeks to remove obstacles for users managing their funds, enabling seamless transfers and payments through Deutsche Bank’s services.
Kaiko Partners with Gemini to Boost Derivatives Trading
Kaiko has partnered with Gemini to enhance Gemini’s derivatives trading platform, the Gemini Foundation. This collaboration involves implementing Kaiko’s Benchmark Reference Rates for better portfolio valuation. Kaiko’s reference rates provide fair valuation for portfolios, using price data from Gemini and other credible sources, updated every five seconds. This helps users trade assets like Bitcoin, Ethereum, and Solana without holding them physically, with valuations in Gemini’s stablecoin, GUSD.
William Cai, managing director of Kaiko Indices, expressed excitement about the partnership, highlighting Kaiko’s commitment to quality data and reliable indices. Neil Sheppard, Head of Derivatives at Gemini, emphasized the aim to provide users with accurate market information to enhance trading decisions. This partnership aims to improve the trading experience on Gemini by offering accurate, real-time data, thereby increasing trust in the cryptocurrency derivatives market.
Anchorage Digital Expands Crypto Custody with $USDY and $OUSG
Anchorage Digital has added two new coins, $USDY and $OUSG, to its custody platform, announced by Ondo Finance. This expansion reinforces Anchorage Digital’s position as a leading crypto solutions provider, offering custody, governance, settlement, staking, trading, and strong security measures. Anchorage Digital, home to the only federally chartered crypto bank in the US, also serves global institutional players through Anchorage Digital Singapore and Porto by Anchorage Digital.
Justin Schmidt, President and COO of Ondo Finance, emphasized the importance of this partnership, noting that institutions need Anchorage Digital to navigate the complexities of the digital asset landscape. Such partnerships are crucial in promoting the broader adoption and integration of cryptocurrencies into capital and trading markets, advancing the future of finance through digital assets and innovations.
In conclusion, this week’s developments highlight the dynamic nature of the crypto industry. Robinhood’s acquisition of Bitstamp sets the stage for significant expansion in global crypto trading, while Tether’s investment in XREX aims to foster innovation in digital asset transactions. Bitpanda’s partnership with Deutsche Bank bridges the gap between traditional and digital finance, and Kaiko’s collaboration with Gemini enhances derivatives trading. Lastly, Anchorage Digital’s expansion with new crypto assets underscores its commitment to providing secure custody solutions. These strategic moves collectively signify the ongoing evolution and integration of cryptocurrencies into mainstream financial systems.
