Bernstein: Robinhood's acquisition of Bitstamp will expand the number of tokens to more than 85

Bernstein's research report pointed out that Robinhood's acquisition of cryptocurrency exchange Bitstamp will enable Robinhood to offer a wider range of cryptocurrency products to more institutional clients. From the current 15 in the United States and more than 30 tokens in Europe, it will expand to more than 85 on Bitstamp. It will also enable Robinhood to obtain global liquidity, thereby improving the economic benefits of its own platform. Bitstamp's diversified services (such as staking, stablecoins, trading, custody and prime brokerage) will help Robinhood attract more institutional clients and potentially accelerate its expansion in the European market. Bernstein has an "outperform" rating on Robinhood's stock with a target price of $30. Due to Bitstamp's minimal profitability, JMP said it does not expect the transaction to bring substantial value-added. JMP also rated the stock as outperforming, with a target price of $30. (Coindesk)