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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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards