Crypto trading app Robinhood gears up to raise $200M: Report

Crypto trading app Robinhood is targeting at least $200 million in new funding round, according to a report by Bloomberg on May 25.

A source familiar with the matter told the outlet that although talks are still ongoing, the funding will come from existing investors. All of whom asked not to be named as details are private.

The round is expected to increase Robinhood’s valuation to between $7 billion and $8 billion; however, these details can change.

As reported last week, the Menlo Park, California-based startup expanded its commission-free trading app in New York. It received a BitLicense and money transmitter license to operate in the Empire State earlier this year.

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

It also recently acquired MarketSnacks, a top-rated daily financial news podcast and newsletter. Re-launched as Robinhood Snacks, it aims to provide its customers with better resources on market news.