Online brokerage house Robinhood has agreed to reduce the purchase price of the Ziglu venture by 58% due to worsening market conditions. AltFi writes about it, citing documentation for investors.

Ziglu is developing a crypto wallet with a debit card attached to it.

Robinhood talked about crypto winter, BlockFi, Celsius and Voyager issues, and macro factors.

In April, the parties agreed on a $170 million deal, now it will be $72.5 million.

Ziglu is one of the top 50 unsecured creditors in Celsius.

The acquisition of startup Robinhood is part of the online brokerage’s plans to expand into the UK market.

Ziglu founder Mark Hipperson said in a letter to investors that if the deal fails, the venture will remain “undercapitalized in an extremely difficult market”.

“Based on Negotiation [совета директоров и команды] and other matters, the revised proposal – the best and only reasonable option for the company”, said Hipperson.

Recall that Robinhood CEO Vlad Tenev at a conference with analysts refused to take over an online broker and allowed the acquisition of various startups. As of June 30, the company’s cash and cash equivalents are $6 billion.

Earlier, Robinhood announced a 23% reduction in staff.

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