Popular cryptocurrency trading app Robinhood is seen making some inroads giving some serious competition to numerous established players in this segment.
Hitting more than 4 million users isn't the only milestone for Robinhood.
Robinhood stock trading app has raised 363 million dollars in a series D funding round for them to expand their crypto trading platform called Robinhood Crypto. The list of participants includes giants like Sequoia, Google's venture capital fund Capital G, Kleiner Perkins, and Iconiq. Existing investors included NEA and Thrive Capital. "I think we're pretty relentlessly focused on our mission of making the markets and the financial services system more accessible to the broader population, and that's a pretty good North star for us".
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Much of Robinhood's growth has come from its new cryptocurrency trading platform, co-founder and co-CEO Baiju Bhatt told CNBC. Following that, Bhatt said he expects Robinhood to "be either the largest or one of the largest crypto platforms out there" by end of 2018. The company plans to provide trading facility for some more digital currencies, however, it didn't explicitly mention when. The new funding brings Robinhood's total valuation to $5.6 billion, the company said.
As by CoinDesk at the time, the firm officially revealed its commission-free Robinhood Crypto service in February - enabling the trading of bitcoin, ethereum, as well as the tracking of 14 other cryptocurrencies, initially for users in five US states: California, Massachusetts, Missouri, Montana and New Mexico. "There's no real scenario where we would change that at all", Bhatt said.
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