Cove Markets, an API platform that enables users to trade on multiple centralized exchanges and manage aggregated financial data, will become part of Robinhood Crypto, the discount broker announced late Tuesday. Traders and investors can connect up to seven exchanges including Coinbase Pro, Kraken, Bitfinex, etc. and use Cove Markets to buy and sell up to 50+ tokens.
That’s what the two companies said They plan to increase the routing and order execution volume at Robinhood with the takeover. Commenting on the news, Christine Brown, Chief Operating Officer at Robinhood Crypto, said:
“The extensive experience of the Cove Markets team in the execution of operations and in the infrastructure of the cryptocurrency market will help us create more powerful trading skills and provide our clients with the benefit of better competition in the cryptocurrency markets.”
Enthusiastic to welcome them @CoveMarkets Robinhood team! Your incredible experience in trade execution and crypto market infrastructure will help us build an even better crypto platform for all of our Robinhood crypto traders. https://t.co/m4Wnl9Ojv3
to???? Christine (Halle) Brown (@christine_hall) December 14, 2021
Robinhood has focused on the cryptocurrency sector for the past few years. The day before, it announced a partnership with the blockchain analysis company Chainalysis to provide data and tools for the introduction of its own cryptocurrency wallet. Currently, the waiting list for this feature, which is slated to start early next year, has grown to more than 1.6 million. But investors in the company’s stock have had a difficult year. Shares are down nearly 70% from August highs following the company’s IPO.