FTX Looks into Buying Robinhood

According to a report from Bloomberg, Cryptocurrency exchange FTX is reportedly considering buying Robinhood, a famous trading platform. Sources close to the situation told Bloomberg that FTX is still weighing the possibility and hasn’t yet made an offer.

Robinhood has become a popular trading platform among young investors thanks to its commission-free trades. It was also one of the first to start offering crypto-based investments. It has been working to expand its crypto offerings since first rolling out the option in 2018 and launched its own cryptocurrency wallet earlier this month

FTX CEO Sam Bankman-Fried denied any plans to acquire Robinhood.

We are excited about Robinhood’s business prospects and potential ways we could partner with them. That being said, there are no active M&A [mergers and acquisitions] conversations with Robinhood, he told Bloomberg.

In May, Bankman-Fried disclosed his 7.6 percent stake in Robinhood, which was worth about $648 million at the time