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Crypto trading app Robinhood achieves $7.6B valuation after securing $323M funding

Image Credit: www.medium.com

Tue, 23 Jul 2019, 07:17 am UTC

Crypto trading app Robinhood has secured $323 million in a recent Series E funding round.

As per its press release, investment firm DST Global led the funding round with participation from other investors including Ribbit Capital, NEA, Sequoia, and Thrive Capital. The recent fundraising positions the company at a $7.6 billion post-money valuation.

The proceeds will be used to expand its business and offer new financial services. “We’ll use the funding to keep pursuing our mission of democratizing finance for all.”

The latest news follows after media reports speculated that Robinhood is eyeing at least $200 million in a funding round.

Last May, the startup also introduced its trading app in New York, after it was granted BitLicense and money transmitter license by the Empire State earlier this year.

Robinhood Crypto now supports Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV, Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Dogecoin (DGC). Its users can also receive updates and track price changes of these cryptocurrencies and 10 other additional coins.

Other than cryptocurrencies, the six-year-old company that shook the brokerage space with commission-free trading also currently provides trading options for stocks, options, and exchange-traded funds.

As per CNBC, the firm has experienced significant growth within the last year, with the number of its user base jumping from 4 million to 6 million from summer 2018 to last year’s end.

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