Robinhood to Acquire Crypto Exchange Bitstamp for $200 Million

Hi NoRamp Community,

Daily News:

1) Robinhood to Acquire Crypto Exchange Bitstamp for $200 Million

2) MoonPay Lays Off 10% of Staff Despite Having 'Years of Runway'

3) Zone Launches PoS Gateway With Instant Settlements

4) Sixfold Secures $15M For GenAI-Driven Insurance Underwriting Tech

5) Passwordless Company HYPR Secures $35M Series C

Robinhood to Acquire Crypto Exchange Bitstamp for $200 Million:

• Robinhood plans to acquire U.K.-based cryptocurrency exchange Bitstamp for $200 million in cash, aiming to enhance its global crypto presence and attract institutional clients. The acquisition is expected to be finalized in the first half of 2025, expanding Robinhood’s capabilities beyond the U.S.

• Founded in 2011, Bitstamp is one of Europe’s largest and most regulated crypto exchanges, offering spot trading for over 85 cryptocurrencies and services like institutional lending and staking. It holds more than 50 global licenses and registrations and is known for its commitment to compliance and security.

• Johann Kerbrat, general manager of Robinhood Crypto, emphasized Bitstamp’s resilience and strong global reputation, stating the acquisition is a major step in growing Robinhood’s crypto business. Bitstamp’s CEO, JB Graftieaux, expressed enthusiasm about the merger, highlighting the enhanced trading experience and commitment to compliance. The existing leadership team will remain in place post-acquisition.

MoonPay Lays Off 10% of Staff Despite Having 'Years of Runway':

• MoonPay cut 10% of its workforce, about 30 employees, due to high costs and below-expected operating margins. CEO Ivan Soto-Wright said the changes will improve cost structure and strengthen the foundation.

• Despite being financially sound with a positive cash flow, MoonPay's operating margins were not satisfactory. Soto-Wright acknowledged over-investment in some areas and took responsibility for addressing the cost structure.

• The layoffs coincide with MoonPay launching new products, including a web3 tool platform, PayPal integration for crypto transactions, and a partnership with BitPay. MoonPay, valued at $3.4 billion, is backed by investors like Paradigm and Coatue.

  

  Source: Cointelegraph

Zone Launches PoS Gateway With Instant Settlements:

• Zone launched "ZonePOS," a point-of-sale payment gateway solution, on June 5, leveraging Africa's first regulated blockchain network for payments. The new product aims to enhance financial inclusion and facilitate digital payments across Africa.

• ZonePOS features direct transaction routing to issuers within regulatory guidelines, offering one of the few decentralized gateways for currency-agnostic payments in the African market. The solution promises increased transaction speeds with same-day settlements and blockchain-based chargeback protection.

• The launch occurs amid a shifting regulatory environment in Nigeria, where ZonePOS is being introduced. Despite Nigerian President Tinubu's campaign pledge to support cryptocurrency, the government's recent actions have raised concerns about its commitment to the crypto sector.

Sixfold Secures $15M For GenAI-Driven Insurance Underwriting Tech:

• Insurtech startup Sixfold, specializing in generative artificial intelligence (GenAI) for insurance underwriting, secured $15 million in Series A funding, led by Salesforce Ventures with support from Scale Venture Partners and existing investors like Bessemer Venture Partners and Crystal Venture Partners.

• Sixfold plans to use the funding to enhance its AI and ML engineering team, product capabilities, and research and development efforts. The investment will also support the company's expansion into the UK and EU markets.

• Under co-founder Alex Schmelkin, Sixfold collaborates with insurers to train AI underwriting models tailored to their business portfolios. Within a year, Sixfold has attracted clients such as AXIS Capital, Zurich Insurance Group, Generali Global Corporate & Commercial, and Mosaic Insurance, and expanded its partner network to include companies like EXL.

Passwordless Company HYPR Secures $35M Series C:

• HYPR, known for its innovative approach to eliminating passwords, successfully raised $35 million in a Series C financing round, doubling its total funding to over $70 million. The round was led by Advent International's Advent Tech, with participation from existing investors like RRE Ventures, .406 Ventures, Boldstart, Top Tier Capital, MESH, Alumni Ventures Group, Allen & Co, Samsung NEXT, and Mastercard.

• The company specializes in True Passwordless MFA™ technology, which combines the convenience of a smartphone with the security of a smart card. This technology helps businesses eliminate passwords, reduce cybersecurity risks, lower IT support costs, and improve user experience by protecting against phishing, fraud, and user friction.

• The new funds will accelerate HYPR’s go-to-market strategy and expand its global support organization, helping businesses worldwide eliminate passwords. The shift to remote work has highlighted the security risks and costs associated with password-based authentication, validating HYPR’s mission. Co-Founder and CEO George Avetisov emphasized the growing urgency for passwordless solutions due to increasing cyber-attack sophistication and volume.

NoRamp:

NoRamp is building Web2’s favorite Web3 apps on our lightning-fast payment infra. Join our discord, dive into our our docs, or check out our website to learn more.