Ziglu, a UK-based crypto trading app, has made an agreement to acquire a stake in Damex, its Gibraltar-based competitor, through an all-stock deal. This move is expected to add tens of thousands of customers to Ziglu’s platform and serve as a key step for the firm to expand its services. The merger will enable Ziglu to reach nearly 200,000 customers and improve its cryptocurrency, investment, and banking offerings. Additionally, the firm plans to introduce UK and US stock trading services to its European users to deepen its market presence.
Following the acquisition of Damex, Ziglu will be able to operate more effectively in regions where its competitor had established a presence, extending its reach beyond its current geographical limitations. This expansion comes after a failed acquisition by Robinhood last spring, where the trading app attempted to purchase Ziglu for $170m but later tried to reduce the deal to $72.5m. However, after the acquisition collapsed, Ziglu’s founder, Mark Hipperson, resumed his roles as chairman and CEO and is focused on securing additional funding for pursuing more acquisitions.
The deal between Ziglu and Damex is expected to be announced during Gibraltar Finance Week, further solidifying Ziglu’s position in the cryptocurrency sector. By adding tens of thousands of customers through this acquisition, Ziglu aims to enhance its services and offerings to cater to a wider audience. The firm’s expansion into UK and US stock trading services for European users showcases its commitment to providing a comprehensive trading platform for its customers. With a focus on growth and market presence, Ziglu stands to benefit from this strategic move in the competitive crypto trading landscape.
Ziglu’s acquisition of Damex signifies a significant development in the cryptocurrency sector, with the UK-based firm poised to capitalize on an expanded customer base and enhanced services. By leveraging Damex’s existing customer network, Ziglu aims to strengthen its market position and reach a broader audience. The company’s focus on improving its cryptocurrency, investment, and banking offerings showcases its dedication to providing a comprehensive platform for users. With plans to introduce UK and US stock trading services, Ziglu is setting itself up for further growth and expansion in the digital asset market.
As Ziglu prepares to announce the deal during Gibraltar Finance Week, the firm is gearing up for a new chapter in its expansion journey. By strategic acquisitions and partnerships, Ziglu is positioning itself to become a major player in the crypto trading industry. With a commitment to quality journalism and accurate reporting, Cryptonews continues to be a trusted source for insights and analysis in the dynamic world of digital assets. Stay tuned for more updates on Ziglu’s future plans and developments in the cryptocurrency sector.
