Crypto trading app Ziglu agrees to buy Damex stake and seeks financing for more acquisitions

Odaily News UK crypto trading app Ziglu has agreed to acquire a stake in its Gibraltar rival Damex in an all-stock deal, which is expected to be announced during Gibraltar Financial Week. The move is a key step in Ziglu's expansion of services, with the goal of improving its cryptocurrency, investment and banking services. The company is expected to have nearly 200,000 customers after the transaction is completed. Ziglu will use this expanded customer base to expand its market share by launching UK and US stock trading services to its European users. Prior to this, Robinhood's move to acquire Ziglu last spring failed. The company initially agreed to acquire the app for $170 million in April 2022, but reduced its offer to $72.5 million in August of the same year. After the failed acquisition, Ziglu founder Mark Hipperson returned to the position of chairman and CEO. In addition, the company is focusing on obtaining additional funds to make more acquisitions. (Sky News)