Robinhood App Fundraising Exceeds $360 Million, Plans Zero-Fee Crypto Trading
The new stock trading app Robinhood has been able to raise about $363 million in a series D funding. The funding was established to raises the needed funds that could expand the crypto trading platform, the Robinhood Crypto; this is according to Robinhood news press release on May 10.
As the Fortune reports, the funding that has taken place makes this app the second most valuable fintech startup in the US market. Accordingly, the current valuation of the app is at about $5.6 billion; this amount is much more than a fourfold increase just from last year. The DST Global was responsible for leading the recent round, attracting several new investors such as Kleiner Perkins, Sequoia Capital, Capital G and Iconiq Capital.
The platform has been able to attract over 4 million users who have now opened the brokerage accounts that have the service, one which has been able to offer a crypto specific platform since February. And at the moment it is currently available in about 10 U.S states.
We raised $363 million in a new round of funding led by DST Global, at a $5.6 billion valuation. Excited to welcome new investors Iconiq Capital, Capital G, Sequoia Capital, and KPCB to Robinhood. https://t.co/6GtASHfknq
— Robinhood (@RobinhoodApp) May 10, 2018
In an interview that was held by Fortune, the co CEO Baiju Bhatt said the company is planning to offer the trading in 16 different currencies, this is including Ripple, Bitcoin, Ethereum, and also Zcash; additionally, they will offer a more favorable cost structure than what we have been exposed to, a platform that will not charge any commissions to the users like most existing platforms.
The CEO also emphasized that the Robinhood app is already a registered broker-dealer with Securities and Exchange Commission, also referred to as SEC, unlike the popular leading crypto trading platform called the Coinbase. A platform that has already attracted over 20 million users and is only listing four coins, this is according to the fortune.
The Future Is Bright For This App
No platform will be able to withstand the aspirations that the Robinhood app has, that is outstripping the existing rival. The app has genuinely shown the big competitors in the market that they have been sleeping on their job, so it is an app that we should all be on the lookout for.
As you can see here:
— Bitcoin News (@BTCTN) May 6, 2018
as well as here:
Robinhood Crypto is cruising into Michigan. Trade Bitcoin and Ethereum, commission-free. pic.twitter.com/60m3XkRl6j
— Robinhood (@RobinhoodApp) May 9, 2018
Robinhood Crypto is making a splash in Florida! Trade Bitcoin and Ethereum commission-free, now in the Sunshine State. pic.twitter.com/5XTFhpCZ1G
— Robinhood (@RobinhoodApp) May 8, 2018
That they continue to rapidly expand state by state offering up cryptocurrency trading for more.