Cove Markets, an API platform that enables users to trade beyond multiple centralized exchanges and manage aggregate financial data, will become function of Robinhood Crypto, as announced past the disbelieve brokerage late Tuesday. Traders and investors can connect up to seven exchanges, including Coinbase Pro, Kraken and Bitfinex, using Cove Markets to trade over 50 major currencies and altcoins.

The 2 trading firms said they were planning to increase the volume of order routing and execution on Robinhood with the acquisition. Christine Brownish, primary operating officer of Robinhood Crypto, made the post-obit remarks regarding the development:

"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 ameliorate competition in the crypto markets to our customers."

Robinhood has taken a abrupt focus on the cryptocurrency industry in contempo years. The day prior, it announced a partnership with blockchain analytics business firm Chainalysis to provide data and tools for the rollout of its native crypto wallet. Currently, the waitlist for such a feature, which is expected to launch early next year, has grown to over 1.half dozen meg. But its stock investors have had a tough yr. Shares are down well-nigh 70% since August highs after the company's initial public offering.