Robinhood-App-Receives-$336-Million-to-Expand-Crypto-trading-platform

Robinhood App Receives $336 Million to Expand Crypto Trading Platform The Robinhood stock trading app raised the $363 million in order to expand its new crypto trading platform “Robinhood Crypto”. This was reported by the company on May 10. This funded capital makes Robinhood the 2nd most valuable than any other fintech startup according to Fortune. Its currently appraised valuation is at around $5.6 billion. This is an increase of over four times what they were appraised that last year. Some of the more prominent investors include Kleiner Perkins, Iconiq Capital, Capital G , and Sequoia Capital. That Robinhood app has over 4 million users who are using the crypto specific platform since February. It’s been open to 10 US states so far and is expected to expand even more within the upcoming months. CEO Baaiju Bhatt stated in an interview with Fortune that the company plans on offering 16 different cryptocurrencies and a more favorable cost structure which includes no commissions. This would be a first of its kind as compared to existing cryptocurrency exchanges. Bhatt also noted that Robinhood is the only registered broker/dealer with the SEC in order to trade cryptocurrency and securities. This is unlike the current leading crypto trading platform Coinbase, which has not been registered with the SEC to date. Robinhood’s goals are to outmaneuver their existing rivals (Coinbase). They will also have to contend with major Wall Street institutions who are currently on the verge of entering the Bitcoin trading marketplace. As reported earlier in the week Goldman Sachs recently announced that their opening their own crypto trading desk. ICE, the parent company of the New York Stock Exchange is also planning to offer Bitcoin swap contracts which can be settled for real BTC. As it stands, the cryptocurrency US trading platforms are gaining a lot of momentum with key players in the industry.

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