Mobile investment app Robinhood, which launched a zero-commission cryptocurrency trading service early this year, is now searching for a chief financial officer as it prepares for an initial public offering (IPO).
Speaking at a TechCrunch event on Thursday, Robinhood CEO Baiju Bhatt revealed that the firm is "actively looking for a CFO right now" as he confirmed going public is "definitely" in the company's plan in the medium- to long-term.
Further, Bhatt said as a financial service company, its security measures and financial performances are being audited by financial regulators in the U.S. such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The news follows Robinhood's announcement in May that it raised $363 million in a Series D round funding led by DST Global and Sequoia Capital, which valued the firm at $5.6 billion.
Bhatt said at the time that with the new capital, the firm aimed to "become either the largest or one of the largest crypto platforms out there" by end of 2018.
As CoinDesk previously reported, the zero-fee stock trading startup launched Robinhood Crypto in February aimed to allow users in the U.S. to buy and sell cryptocurrencies at lower costs.
Currently, it offers trading options for bitcoin, ethereum, bitcoin cash, ethereum classic, litecoin, and dogecoin in 19 states in the U.S. and claims to have over 5 million users on the platform.
Trading index image via Shutterstock
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, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. 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.