June 6 (Reuters) – Trading platform Robinhood Markets (HOOD.O), opens new tab said on Thursday it has agreed to buy crypto exchange Bitstamp for about $200 million in cash, speeding up a broader push into digital assets with its biggest-ever deal.

Robinhood, whose shares were up 3.4% before the bell, has been looking to expand its product offerings to become a full-fledged financial services provider.

The acquisition of Bitstamp, which was founded in 2011 and holds 50 active licenses and registrations globally, puts Robinhood in direct competition with industry giants such as Binance and Coinbase (COIN.O), opens new tab.