Robinhood App Raises $363 Mln To Expand Its Zero-Fee Crypto Trading Platform US-Wide

Robinhood App Raises $363 Mln To Expand Its Zero-Fee Crypto Trading Platform US-Wide

Stock exchanging application Robinhood has brought $363 mln up in a series D financing round keeping in mind the end goal to extend its crypto exchanging stage, 'Robinhood Crypto,' far reaching, as per a company press release today, May 10.

As Fortune reports, the financing makes Robinhood the second most significant fintech startup in the US, and its present valuation is at $5.6 bln, in excess of a fourfold increment from a year ago.

DST Global drove the current round, with new speculators including Sequoia Capital, Kleiner Perkins, Iconiq Capital and Capital G (the VC arm of Google parent organization Alphabet).

More than 4 mln clients have now opened money market funds with the administration, which has been putting forth a crypto-particular platform since February, at present accessible in 10 U.S. states.

In a meeting with Fortune, co-CEO Baiju Bhatt said the organization intends to offer "exchanging 16 diverse digital currencies including Bitcoin, Ethereum, Ripple, and Zcash," and offer a "more positive cost structure," without any commissions, than existing stages.

Bhatt likewise accentuated that Robinhood is as of now an enrolled merchant with the Securities and Exchange Commission (SEC), dissimilar to driving US crypto exchanging stage Coinbase. The last right now has around 20 mln clients, and records just four digital forms of money, as indicated by Fortune.

Despite Robinhood's desires to overwhelm its current adversary, both will soon need to fight with major institutional Wall Street players very nearly entering the Bitcoin exchanging market. Speculation saving money mammoth Goldman Sachs as of late declared it will be opening a crypto exchanging work area "inside weeks," and ICE, the parent organization of the New York Stock Exchange, now reportedly plans to offer Bitcoin (BTC) swap contracts, settled in BTC.