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

May 10, 2018 at 14:45 UTC
Updated May 11, 2018 at 01:04 UTC
NEWS

U.S.-based mobile stock trading app Robinhood has announced a $363 million Series D funding round that it says will help the firm expand to become possibly the largest cryptocurrency platform.

According to a statement published on Thursday, the funding round values the firm at $5.6 billion and was led by DST Global, with Iconiq, Capital G, Sequoia Capital and KPCB also participating.

With its coffers now full, the firm said it is now looking to expand its cryptocurrency trading service, which is currently available in 10 U.S. states to eventually cover the whole country as soon it receives the necessary licenses.

In an interview with Fortune, Robinhood’s co-founder and co-CEO Baiju Bhatt said he expects that to happen by the close of 2018.

In its announcement, the firm said the new funds will be spent on product expansion, infrastructure and operations and growing its team. 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.

The notable funding round comes just months after the company announced its move into cryptocurrency trading.

As reported by CoinDesk at the time, the firm officially revealed its commission-free Robinhood Crypto service in February – enabling the trading of bitcoin, ethereum, as well as the tracking of 14 other cryptocurrencies, initially for users in five U.S. states: California, Massachusetts, Missouri, Montana and New Mexico.

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 Michigan.

Crypto trading image via Shutterstock