Robinhood announced on Tuesday that it bought Cove Markets, a cross-exchange trading platform.
The deal will serve to pad out Robinhood’s core crypto trading product and make it easier for people to manage their accounts. Cove co-founders Scott Knudsen and Victor Glava and the markets team will join the Robinhood crypto team.
Robinhood said in a release announcing the deal that the pair “share a common goal in making investing in cryptocurrencies simpler and lower cost”.
Cove, which was founded three years ago, lets customers manage accounts across multiple exchange platforms as well as aggregating reams of data. It is set to give Robinhood’s crypto product a more sophisticated edge.
“Scott, Victor and the Cove Markets team will bolster our crypto trading platform and help us strengthen our leadership in the crypto industry,” said Christine Brown, chief operating officer of Robinhood Crypto. “Their wealth of experience in trading execution and crypto market infrastructure will help us to build more powerful trading capabilities, bringing the benefits of better competition in the crypto markets to our customers.”