Cove Markets is an API platform that is designed to enable users to trade across many centralized exchanges and manage aggregate financial data. The firm is set to become part of Robinhood Crypto, as confirmed by the discount brokerage late December 14.
Investors and traders can now connect with up to seven exchanges that include Kraken, Coinbase Pro, and Bitfinex using Cove Markets to trade at least 50 major altcoins and currencies. The CEO and Co-Founder of Cove Markets, Scott Knudsen, stated:
“We started Cove Markets three years ago to help crypto investors get the most out of their trading experience.”
These two trading companies stated that they want to increase the volume of order routing and execution on Robinhood with the takeover. The chief operating officer of Robinhood Crypto, Christine Brown, commented about that 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 better competition in the crypto markets to our customers.”
Thrilled to welcome the @CoveMarkets team to Robinhood! Their incredible experience in trading execution and crypto market infrastructure will help us to build an even better crypto platform for all our Robinhood crypto traders. https://t.co/m4Wnl9Ojv3
— Christine (Hall) Brown (@christine_hall) December 14, 2021
Robinhood has taken a deep focus on the crypto sector in recent years. The previous day, it confirmed a partnership with blockchain analytics company Chainalysis to offer data and tools for the rollout of its native crypto wallet.
Today, the waitlist for this feature that is anticipated to launch in early 2022, has grown to more than 1.6 million. However, its stock investors have had a rough year. Shares are down by almost 70% since August highs after the firm’s IPO.