Cove Markets to Add Robinhood Crypto in Latest Acquisition

Late Tuesday, discount brokerage Robinhood announced that Cove Markets will become part of Robinhood Crypto. Cove Markets is an API platform that allows users to trade across multiple centralized exchanges and manage aggregated financial data. Traders and investors can use Cove Markets to connect up to 7 exchanges, including Coinbase Pro, Kraken, Bitfinex, etc., and trade more than 50 major currencies and altcoins.

The two trading firms said they plan to increase Robinhood's order routing and execution volume through the acquisition. Robinhood Crypto COO Christine Brown had the following to say about the development:

The extensive experience of the Cove Markets team in trade execution and crypto market infrastructure will help us build stronger trading capabilities, bringing the benefits of better competition in the crypto market to our clients.

Excited to welcome the Cove Markets team to Robinhood! Their extraordinary experience in trade execution and crypto market infrastructure will help us build a better crypto platform for all Robinhood crypto traders.

— Christine (Hall) Brown (@christine_hall) December 14, 2021

In recent years, Robinhood has paid a lot of attention to the cryptocurrency industry. The day before, it announced a partnership with blockchain analytics firm Chainalysis to provide data and tools for the launch of its native crypto wallet. The feature is expected to launch early next year, and the waiting list has grown to more than 1.6 million people. But investors in its shares have had a rough year. Since the company's initial public offering, its shares have fallen nearly 70% from their August highs.

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