Robinhood, a commission-free trading app, has purchased Cove Markets, a cross-exchange trading API, to allow customers access to various centralized exchanges.
Traders and investors on Robinhood’s platform can now trade up to 50 digital currencies using Cove Markets API. They would also connect with several other crypto exchanges including Kraken, Bitfinex, and Coinbase Pro. As part of the purchase, the entire Cove Markets team, including co-founders Scott Knudsen and Victoria Glava, will join Robinhood.
“Now, we are excited to join Robinhood to help build a world-class platform that can improve trading for millions of customers.” Cove’s CEO and co-founder, Scott Knudsen, said.
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Robinhood said in an official press release that the collaboration is aimed at “obtaining quality executions for customers in the crypto market,”
Christine Brown, Chief Operating Officer of Robinhood Crypto, also had this to say:
“[Cove’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.”