Cove Markets will join Robinhood Crypto in the latest acquisition

Cove Markets is an API platform that enables users to trade on multiple centralized exchanges and manage aggregated financial data. It will become part of Robinhood Crypto because Announce Offered by a discount brokerage firm later on Tuesday. Traders and investors can connect up to 7 exchanges, including Coinbase Pro, Kraken, Bitfinex, etc., and use Cove Markets to trade more than 50 major currencies and altcoins.

The two trading companies said they plan to increase Robinhood’s order routing and execution volume through this acquisition. Christine Brown, COO of Robinhood Crypto, made the following comments on the development:

The Cove Markets team’s extensive experience in transaction execution and crypto market infrastructure will help us build stronger trading capabilities and bring the benefits of better competition in the crypto market to our customers.

In recent years, Robinhood has paid great attention to the cryptocurrency industry.The day before, it Announce cooperation Cooperate with blockchain analysis company Chainalysis to provide data and tools for the launch of its native encrypted wallet. Currently, Waitlist for such featuresIt is expected to be launched early next year and has grown to more than 1.6 million. But its stock investors have had a difficult year.Shares are Down by nearly 70% Since the company’s IPO in August, it has set a new high.