Robinhood secures a Discounted Deal on Ziglu Acquisition

Robinhood has succeeded to score a discounted deal for buying the crypto exchange Ziglu due to recent market conditions. The initial offer, made in April was around $170 million, however, it is reduced to $72.5 million, which was accepted by Ziglu CEO Mark Hipperson.  

The company has cited these reasons for reducing the initial amount, such as the failure of crypto lenders, such as BlockFi, and Celsius, and the Russian invasion of Ukraine. During this time, the crypto market has fallen by 40%, as per the reports mentioned in CoinGecko. Ziglu was one of the unsecured creditors (among the 50 ones) of the crypto lender, Celsius. 

Robinhood decided to acquire Ziglu as a part of entering the UK market. If Ziglu had refused this offer, Robinhood may have to come up with a different plan. The new deal is, indeed, quite a tough pill to swallow for the cryptocurrency exchange. Ziglu has not commented anything about the deal yet.