Robinhood Raised $323 Million at $7.6B Valuation
By Luke Flowers – Cryptocurrency Speculator
According to a Reuters report, stock and digital asset trading platform, Robinhood announced a $323 Million US-Based start-up known for its exchange to buy and sell cryptocurrency.
Prominent internet startup investor, DST Global, led the financing round along with other renowned crypto brands including Sequoia and Ribbit Capital. According to Reuters, the company aims to direct the capital into giving the business a bigger name as well as offer new financial services. It will perhaps innovate services around digital assets for users who buy and sell cryptocurrency through their platform.
Robinhood representatives gave a statement via their blog: “We’ll use the funding to keep pursuing our mission of democratising finance for all.” This shows Robinhood’s endorsement to make buying crypto available to as many users as possible.
Since its inception back in January 2018, Robinhood has rolled out multiple coins and other cryptocurrency-related trading features. The start-up even launched crypto trading for seven assets including Ethereum and Bitcoin in New York, which is a difficult location to operate.
Interestingly, the start-up firm added Ethereum Classic (ETC) trading just one day before Coinbase back in August 2018 and provides digital asset trading so users can buy and sell Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Dogecoin, and Litecoin to over 20 states.
Last year in September, Robinhood put its IPO process into action. At that time, CEO Baiju Bhatt said, “Being a public company I think aligns very closely with our mission as well” this could be a great move for the start-up and echoes their mission as they believe anyone should be able to buy and sell Bitcoin and crypto freely.
Since then, the platform has garnered popularity by providing commission-free trades. It's also in the process of adding cash management services. With thanks to its latest funding round, the Silicon Valley-based start-up's total valuation topped $7.6 billion with participation from NEA and Thrive Capital.
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