$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

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

DISCLOSURE

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 a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Blockchain.com, Deribit Among Creditors That Pushed for 3AC Liquidation: Report

Blockchain.com has also said it is cooperating with ongoing investigations into the hedge fund, which "defrauded the crypto industry."

CoinDesk - Unknown
2
CoinDesk - Unknown
El Salvador Purchases 80 Additional Bitcoin at $19K, President Bukele Says

The last purchase by the Central American country had been in May.

CoinDesk - Unknown
3
CoinDesk - Unknown
VanEck Files New Application for Spot Bitcoin ETF

The application comes about eight months after the SEC rejected the investment firm’s last application.

CoinDesk - Unknown
4
CoinDesk - Unknown
First Mover Asia: Speculating on Tokenized Carbon Offsets Won't Help Climate Crisis, Says Consultant; BTC Falls Under $19K Amid Wider Crypto Woes

A significant number of carbon credits are from projects 8-10 years old; Ether and other major altcoins plummet.

CoinDesk - Unknown