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Ziglu investors set to lose out after Robinhood slashes firm’s value

Robinhood wanted Ziglu for $170 million in April but now says it will pay just $72.5 million, leaving Ziglu investors way down on the deal.

Another hefty fine for Robinhood, this time for inferior AML practices

Robinhood’s compliance program was understaffed and the company was too slow in moving away from its manual transaction monitoring system.

The exact terms of the deal have not been disclosed but as of September last year, Ziglu was valued at somewhere in the region of $111 million.

Robinhood stock has collapsed more than 60% since its IPO last July, and fleeting crypto trade volumes haven’t been enough to turn the tide.

Robinhood’s finance chief recently noted there’s no “compelling reasons strategically” to buy sizable amounts of crypto with company cash.