Robinhood, a U.S.-based crypto trading platform, has reportedly planned to secure a minimum of USD200 million in a new funding round. According to a report, the company plans to raise its funding further, which would augment the firm’s value to between USD7 billion and USD8 billion, however, the details could alter. The report further cited that the new funds come from existing investors, though all of whom wish not to be identified and keeping the details private.
As the funding talks are reportedly in the pipeline, a further funding round could boost the company’s worth to USD10 billion. However, the number of the funding round would be changed until the deal is closed. Headquartered in Menlo Park, CA, Robinhood enables zero-fee stock trading and has released Bitcoin (BTC) and Ethereum (ETH) trading in January last year. Recently, the company had officially introduced its crypto trading app in New York that comes after the acquisition of a BitLicense by the New York State Department of Financial Services. Throughout this week, the new April 2019 Exchange Review from crypto data provider Cryptocompare found that centralized cryptocurrency exchanges saw a major uptick in trade volume this April.
Founded in 2013, Robinhood is a stock brokerage enabling customers to purchase and sell U.S. listed stocks and ETFs options, and cryptocurrencies with zero commission. Registered as an SEC broker-dealer and member of FINRA and SIPC, the company further democratizes access to the financial markets, as well as designed to make people comfortable in storing money and trading stocks using its application.