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

Stock trading app Robinhood has announced a $363 million Series D funding round and plans to expand its crypto trading service across the U.S.

AccessTimeIconMay 10, 2018 at 2:45 p.m. UTC
Updated Sep 13, 2021 at 7:56 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.