In the latest purchase, Cove Markets will join Robinhood Crypto.
“Three years ago, we founded Cove Markets to help crypto investors get the most out of their trading experience,” said Scott Knudsen, the CEO and co-founder, Cove Markets’.
Cove Markets, an API platform that permits users to trade across multiple centralized exchanges and manage aggregate financial data, will be integrated into Robinhood Crypto, according to a statement released late Tuesday by the discount brokerage. Traders and investors can use Cove Markets to trade over 50 major currencies and altcoins by connecting to up to seven exchanges, including Coinbase Pro, Kraken, and Bitfinex.
With the deal, the two trading businesses said they planned to expand the amount of order routing and execution on Robinhood. Christine Brown, Robinhood Crypto’s chief operations officer, had the following to say about the development:
“The Cove Markets team’s 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.”
Thrilled to welcome the @CoveMarkets team to Robinhood! Their incredible experience in trading execution and crypto market infrastructure will help us to build an even better crypto platform for all our Robinhood crypto traders.
— Christine (Hall) Brown (@christine_hall) December 14, 2021″
In recent years, Robinhood has placed a strong emphasis on the cryptocurrency market. The day before, it announced a collaboration with Chainalysis, a blockchain analytics business, to supply data and tools for the launch of its native crypto wallet. The current backlog for such a service, which is set to arrive early next year, has surpassed 1.6 million people. However, its stockholders have had a difficult year. Since the company’s initial public offering in August, shares have dropped roughly 70%.