Robinhood To Move Into Asia’s Crypto Scene, Singapore Likely First

• 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.