Robinhood is a trading app which offers bitcoin and ether trading to the customers. The company has confirmed that it has attained a valuation of $5.6 Billion after raising $363 million. The company has also confirmed that the app is now available in 10 US States.
Robinhood started its platform 3 years ago as a simple stock trading app with no transaction fees. Recently they were valued at $5.6 Billion following a new financing round on Thursday.
The company wrote:
Our platform has also grown significantly, reaching over four million users, cementing Robinhood Financial as the fastest-growing brokerage ever.
On the heels of this growth, we recently raised $363 million in capital, valuing Robinhood at $5.6 billion. The series D round of funding was led by DST Global, with participation from new investors Iconiq, Capital G, Sequoia Capital, and KPCB. Existing investors included NEA and Thrive Capital.
Robinhood integrated bitcoin (BTC) and ether (ETH) in January, with actual trading beginning on February 22.
Over a million people had already signed up to get access to trade cryptocurrencies.