Published: Fri, May 11, 2018
Markets | By Otis Pena

$363 Million: Robinhood Raises Big to Build 'Largest Crypto Platform'

$363 Million: Robinhood Raises Big to Build 'Largest Crypto Platform'

On Thursday, Robinhood announced a $363 million funding round, valuing the company at $5.6 billion.

Stock trading app Robinhood has beat its rival E-trade when it comes to users, doubling the number of accounts in the past year. Following that, Bhatt said he expects Robinhood to "be either the largest or one of the largest crypto platforms out there" by end of 2018.

In February, Robinhood launched its commission-free cryptocurrency trading platform, Robinhood Crypto, which is now available in 10 states across the U.S. The platform now allows trading only in Bitcoin (BTC) and Ethereum (ETH), while allows its users to track market data for 16 cryptocurrencies. As you can see in the official announcement, the platform is available for 10 U.S. states, and the number will increase soon.

Robinhood App Valued at $5.6 Billion- Now Available in 10 US States

In an interview with Fortune, Robinhood CEO, Baaiju Bhatt said that the company is planning to offer 16 different cryptos and a more favorable cost structure without any commissions.

Robinhood also noted that it is set to deploy the funds from the Series D round by accelerating its product expansion even further, investing in its infrastructure and operations, and hiring more employees.

Today's announcement also indicates that the service has now expanded to five more states, opening up crypto trading for users in Colorado, Mississippi, Wisconsin, Florida and MI.

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