US retail investing app Robinhood has slashed its offer to acquire UK crypto startup Ziglu amid the tumbling value of cryptocurrencies.
Robinhood announced its plan to acquire the FCA-regulated crypto firm back in April, with an original price tag of $170m.
But according to messages sent by Ziglu CEO Mark Hipperson on the crowdfunding platform Seedrs, seen by Sifted, the offer has been dropped to $72.5m.
Should the revised deal go through at more than half the original offer, some investors who backed Ziglu through Seedrs will see their return on investment plummet.
“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts,” wrote Robinhood co-founder Vlad Tenev in a blog post in April.
“Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”
The turbulent conditions of the crypto...
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