Key Takeaways
- Robinhood new revenues were up 115% year-over-year for 2024, surpassing 25 million users.
- Hong Kong issued five crypto operator licenses in 2024, and Singapore issued thirteen.
- Robinhood stock is trading up 363.31% for the past 365 days.
California-based trading platform Robinhood plans to roll out its cryptocurrency trading offerings to Singapore this year as fierce crypto competition continues to rise in the Asia-Pacific region.
Robinhood Singapore
In December 2024, Robinhood announced intentions to set up a regional headquarters in Singapore as part of efforts to expand into Asia.
Now, following its $200 million acquisition of European crypto exchange Bitstamp, Robinhood intends to launch crypto products by late 2025.
The Bitstamp acquisition makes it possible as in March 2024, the exchange received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS).
With a global presence thanks to its licenses to operate in European Union countries, the U.S., and the U.K., Robinhood has experienced a huge surge in crypto trading activity on its platform, doubling its revenues.
Crypto Hubs
Hong Kong (HK) and Singapore are vying to become crypto hubs and attract firms, investment, and fresh business to their ecosystems.
After beating the U.S. to launch spot Ethereum exchange-traded funds (ETFs), many believed that HK had truly set itself apart as a standout location for crypto.
However, in recent months, Singapore has emerged as the frontrunner after it successfully licensed thirteen crypto operators in 2024, which included major exchanges such as OKX and Upbit.
Meanwhile, Hong Kong issued just five licenses last year, with all of them handed out in Q4 2024.
Robinhood’s foray into Singapore aligns with several other major crypto developments in the country, which include new regulations, stablecoins, and other notable industry players expanding into the region.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
