Popular Trading App Robinhood Raises $363 Million in Push to Become World’s Largest Crypto-Exchange
Venture capital funds may not understand blockchain technology, but fully realize the economic benefits they stand to gain once the sector earns widespread momentum. Several blockchain companies have previously raised millions of dollars in fundings via ICOs or traditional methods, and it seems like companies related to the sector are raking in huge amounts of capital as well.
Putting Mammoth Investment to Good Use
In a bid to become the world’s largest crypto platform, Robinhood, the equity trading mobile app based out of U.S., raised a whopping $363 million. The Series D funding was led by DST Global along with Iconiq, Capital G, Sequoia Capital and KPCB as fellow participants, thereby valuing the firm at a mammoth $5.6 billion.
Baiju Bhatt, the CEO of Robinhood, claims to have already planned on how to put the investment to good use. The firm’s coffers are full, and increasing its clientele is the trading app’s primary goal. As per Bhatt, Robinhood, which currently serves only ten U.S. states, aims to serve the entirety of USA and awaits the necessary licenses.
Furthermore, Bhatt says that the app will be concentrating on product expansion, infrastructure, operations and strengthening the team. The dream of being at the summit of crypto platforms – as either the largest or at least in the top tier of crypto trading, this looks like an achievable target and Bhatt hopes of getting there by the end of 2018.
The noteworthy funding round comes into picture just a few months post Robinhood’s announcement of foraying into crypto trading.
Robinhood’s commission-free crypto service, as reported by BTCManager on January 27, 2018, would allow the trading of 14 cryptocurrencies. Initially, the service was exclusive only to five states in the U.S. (California, Massachusetts, Missouri, Montana and New Mexico). However, recent developments now allow for cryptocurrency trading in a further five states, namely Colorado, Mississippi, Wisconsin, Florida, and Michigan.