Robinhood raises $323 million in Series E funding
- The company aims to expand the business and offer new financial services with the investment.
- Robinhood offers crypto trading in Bitcoin, Bitcoin Cash, Ethereum Classic, Litecoin and Dogecoin to 20 states.
According to a Reuters report, the popular trading platform for stocks and digital assets, Robinhood, announced a $323 million Series E tipping the firm's total valuation over $7.6 billion. A leading investor in internet startups, DTS Global, led the financing round along with crypto-notables like Ribbit Capital and Sequoia. As per the report, the capital will be directed by the firm towards expanding the business and launch new financial services. A Robinhood representative stated:
"We'll use the funding to keep pursuing our mission of democratizing finance for all."
The Silicon Valley-based company has rolled out quite a few coins and crypto-related trading features ever since it started offering crypto assets in January 2018. Overall, it offers crypto trading in Bitcoin, Bitcoin Cash, Ethereum Classic, Litecoin and Dogecoin to 20 states. The firm also started the IPO process in motion last September. Baiju Bhatt, the CEO has said:
"Being a public company I think aligns very closely with our mission as well. And it's definitely on the horizon, not in the immediate term, but that's something we are thinking about."
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
