Fintech company Robinhood Markets (HOOD) is planning to expand its cryptocurrency services to Singapore in 2025, according to Bloomberg News. This move is part of the company’s global expansion strategy to make its services available to customers worldwide. Indeed, CEO Vlad Tenev said that the firm wants to be “everywhere.”
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Interestingly, the Singapore launch will build on Robinhood’s recent acquisition of European digital-assets exchange Bitstamp. According to Johann Kerbrat, the vice president and general manager of Robinhood Crypto, Bitstamp’s licenses in Singapore were a key factor in Robinhood’s decision to acquire the company. While a launch date has not been set, Kerbrat expects the Singapore rollout to occur a few months after the Bitstamp deal closes, which is anticipated to happen in the first half of this year.
It is really no surprise that Robinhood is expanding its crypto operations internationally after its latest earnings results revealed strong demand for this segment. In fact, cryptocurrency revenue surged 700% in Q4 2024 when compared to Q4 2023, thanks to the hype surrounding Bitcoin and other tokens. However, it is worth noting that the company is facing growing competition in the crypto trading space, with Coinbase (COIN) recently regaining market share.
Is HOOD a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on HOOD stock based on 12 Buys, five Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 327% rally in its share price over the past year, the average HOOD price target of $71.71 per share implies 19.24% upside potential.
