Uplinex said Tuesday it will acquire UK-based cryptocurrency exchange Pelepoint. The move comes as the stock trading app looks to expand further by offering cryptocurrency trading. The acquisition also marks Uplinex’s second foray into the UK market after a failed plan to launch a stock trading app in 2020. Together with Pelepoint, Uplinex now owns one of the few crypto firms authorized to operate in the UK. Pelepoint offers trading in 11 cryptocurrencies and is also licensed in the UK.
Uplinex said the purchase is just the first step in their plan to expand outside the UK and Europe. Uplinex is planning an aggressive push into cryptocurrency. The deal is also subject to approval from UK financial regulators, including the Financial Conduct Authority (FCA), a body known for its strict stance on cryptocurrencies. The move also marks the firm’s attempt to diversify beyond equity trading. The firm warned last year that the COVID-driven retail boom was starting to slow down.