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A takeover of Robinhood Markets by cryptocurrency exchange FTX is reportedly in the making.
According to Bloomberg, the popular trading app that welcomed millions of traders to Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE), has become subject of internal discussion at FTX that is considering an acquisition.
Citing sources familiar to the matter, Bloomberg clarified that so far no official buyout offer has been made by the crypto exchange and that the firm’s stakeholders could still vote against a deal.
FTX CEO Sam Bankman-Fried commented that a potential partnership with Robinhood could be exciting. Nevertheless there are no active merger conversations taking place, he said:
“We are excited about Robinhood’s business prospects and potential ways we could partner with them […] That being said, there are no active M&A conversations with Robinhood.”
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Rumors of a tighter connection between the two platforms have surfaced since in May, Bankman-Fried personally took a 7.6% stake of $650 million in the trading platform. Noting that Robinhood is an “attractive investment”, the FTX CEO did not intend to control the firm at the time.
FTX has been shopping around for opportunities during the crypto bear market. The crypto market. Earlier this month, the exchange entered into an agreement to purchase Canadian cryptocurrency platform Bitvo. Last week, the Bankman-Fried led firm revealed a $250 million bailout offer to troubled Bitcoin lender BlockFi.