Crypto Trading App Robinhood Now Worth $7.6B After Latest Funding Round
Commission-free crypto investing app Robinhood has raised $323 million in its recent Series E financing round led by DST Global, with participation from Ribbit Capital, NEA, Sequoia, and Thrive Capital.
Robinhood offers a smartphone mobile app that allows individuals to invest in public companies and exchange-traded funds (ETF) listed on US stock exchanges without paying a commission. Its subsidiary, Robinhood Crypto, offers services for buying, selling, and storing major cryptocurrencies, including bitcoin, ether, Bitcoin Cash, and Litecoin.
The latest funding, which puts Robinhood’s valuation at $7.6 billion, will be used to expand its business and offer new financial services.
“We’re focused on building products and services that expand access to our financial system,” the company said in a blog post. “Since May of last year, we’ve launched our own clearing system, Clearing by Robinhood; rolled out a new Robinhood Gold experience including Nasdaq Level 2 Market Data; and introduced multi-leg options strategies. We also acquired Robinhood Snacks to bring people digestible financial news; grew our management team, including leaders for operations and finance; and expanded Robinhood Crypto to more than 30 states.”
According to news outlet The Information, Robinhoood may also be planning to raise another round soon, which would potentially balloon the company’s valuation to $10 billion.
Source: Read Full Article