- Robinhood has secured $ 280 million Sequence F funding on a valuation of $ 8.three billion.
- The funding will gas a push to develop the platform globally.
- Robinhood additionally plans to scale the platform and supply extra merchandise to customers.
The staff at Robinhood’s fashionable buying and selling platform introduced that the corporate has obtained $ 280 million in Sequence F funding after a valuation of $ 8.three billion. The funding spherical was led by Sequoia Capital, an present Robinhood investor. Different present and new traders who’ve participated within the Sequence F funding embody NEA, Ribbit Capital, 9Yards Capital, and Uncommon Ventures.
New financing for world growth
The staff went on to clarify that the funds might be used to scale the platform, construct and develop new merchandise, and speed up their growth. In a current interview with Fortune, Robinhood Co-CEO Vlad Tenev elaborated on that purpose as follows:
The aim of the capital improve is to permit us flexibility and technique and proceed to spend money on the platform.
We assume that Robinhood will develop worldwide and introduce extra merchandise within the subsequent few years.
Stability considerations stay
Amid the present volatility within the inventory and crypto markets, Robinhood has managed so as to add greater than three million funded accounts this yr. In response to Robinhood, half of their new prospects are first-time traders.
Nevertheless, the steadiness of the platform has been questioned not solely by millennials preferring the platform, but in addition by traders ready for Robinhood to go public by means of an IPO. Through the coronavirus crash in 2020, the platform suffered an outage on March 2nd. The day proved to be one of the risky as a result of financial impression of COVID19. Buying and selling performance was totally restored on March ninth, a full week after the occasion.
Commerce has been restored and Robinhood is again in operation. Thanks in your endurance as we resolved this concern.
– Robinhood Assist (@AskRobinhood) March 9, 2020
Record of cryptocurrencies out there to commerce with Robinhood
On the time of this writing, Robinhood at present helps buying and selling within the following cryptocurrencies.
Disclaimer: This text shouldn’t be meant as monetary recommendation. Any extra opinion herein is solely that of the creator and doesn’t replicate the opinion of Ethereum World Information or any of its different authors. Please do your personal analysis earlier than investing in any of the quite a few cryptocurrencies out there. Many Thanks.