Handels Platform Robinhood (HOOD) plans to introduce crypto products in Singapore this year, pending the end of his purchase of Crypto Exchange Bitstamp, Bloomberg reported Tuesday.

Robinhood agreed to buy Bitstamp in June and the $ 200 million acquisition is expected to close in the first half of the year. The launch of Robinhood’s Crypto products in the region was to follow shortly after the deal closes, Johann Kerbrat, vice president and general manager of Robinhood Crypto, told Bloomberg in an interview.

“Part of the reason Bitstamp was attractive was because of their licenses with Singapore, beyond its institutional business,” Kerbrat said.

Bitstamp ensured a principled from the monetary authority in Singapore last year. The license paves the way for the company to get a larger payment institution license and provide digital token services in the country, Bitstamp said at that time in a statement.

At a 2024 meeting Robinhood CEO Vlad Tenev said the company would expand to Asia this year and Singapore would be its base in the region.

Neither Robinhood nor Bitstamp responded to a request for comment before publication.