Robinhood, a Stock trading app
has made a move to expand its crypto trading platform
through out the US by raising $363
mln in a series D funding round, as disclosed by the company in a press release May 10.
Currently valued at $5.6 Bln, which is over a fourfold increase from last year, Robinhood is rated the second most valuable fintech startup in the US, and over 4 Milion users now have brokerage account with the service.
While in an interview with Fortune, cofounder of Robinhood, Baiju Bhatt revealed the company plans to “trade in sixteen different cryptocurrencies, including Bitcoin
, Ripple, and Zcash
”, and offer a “more favourable cost structure,” with no commissions, than existing platforms, he also pointed out that Robinhood is already a registered broker-dealer with the Securities and Exchange Commission (SEC), unlike other crypto trading platform like coinbase which has around 20 mln users, with just four crypto options.
Among the investors who participated in the recent round of sales, DST Global led the pack, with new investors including Sequoia Capital, Kleiner Perkins, Iconiq Capital and Capital G (the VC arm of Google
parent company Alphabet).