UK-Based Crypto Firm Ziglu Strikes Deal to Acquire Stake in Gibraltar Competitor: Report

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

October 14, 2024 02:04 EDT

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UK-based crypto trading app Ziglu reportedly agreed to acquire a stake in its Gibraltar-based competitor Damex through an all-stock deal. Sky News reported Sunday that the deal will add tens of thousands of customers to Ziglu’s platform.

The firm is reportedly expected to announce the deal soon during Gibraltar Finance Week.

This move serves as a key step for the UK-based firm to expand its services. It aims to improve its cryptocurrency, investment and banking offerings. Following the merger, the combined company is expected to reach nearly 200,000 customers.

Moreover, Ziglu is set to capitalize on this expanded customer base by introducing UK and US stock trading services to its European users, thereby deepening its market presence.

Ziglu didn’t return Cryptonews’ request for comment by press time.

Ziglu Gears Up for Expansion with Damex Deal

The acquisition allows the trading app to potentially operate more effectively in regions where Damex had established a presence, extending Ziglu’s reach beyond its current geographical limitations.

This development follows last spring’s failed acquisition by Robinhood. Robinhood initially agreed to purchase the app for $170m in April 2022, but attempted to reduce the deal to $72.5m by August.

After the acquisition collapsed, Ziglu’s founder, Mark Hipperson, resumed his roles as chairman and CEO. The firm is reportedly focused on securing additional funding to pursue more acquisitions.