Robinhood has reportedly completed the acquisition of Cove Markets, an API platform supporting trading throughout numerous centralized exchanges and managing aggregate financial data. 

Specifically, the new acquisition will reportedly help support Traders and investors to establish connections with a maximum of  seven exchanges, including Coinbase Pro, Kraken, Bitfinex, etc., using Cove Markets to trade more than 50 major currencies and altcoins.

The two trading entities reportedly revealed that they have plans down their pipeline to amp up the volume of order routing and execution on Robinhood with the new purchase. 

“The Cove Markets team’s 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.” Christine Brown, chief operating officer of Robinhood Crypto, further remarked regarding the development. 

Robinhood has reportedly employed a primary concentration in the crypto sphere throughout the past years.

One day before the news surfaced, it revealed details of an alliance with blockchain analytics company Chainalysis, to offer data and tools for the introduction of its native crypto wallet. 

At the moment, the waitlist for that particular type of feature – expected to be rolled out in early 2022 – has reportedly experienced growth in the upward direction to more than 1.6 million. 

However, its stock investors suffered from hurdles in the past year. Shares are down nearly 70% since August highs after the company’s IPO.