Robinhood is now currently on a tear as any doubters about it being a major player in the brokerage scene must note that it now has users than the famous E-trade. In the same way, Robinhood boasts that its user rate growth is established being the fastest-growing brokerage ever.
Continuing the drive
The latest funding round of Robinhood that have already ended, raked in $363 million which pushed the crypto trading service’s valuation up to the amount of $5.6 billion. Furthermore, the number of users has been raised to more than four million with which CNBC quickly pointed that it had exceeded the E-Trade’s user numbers.
To have a better understanding of these figures, it was last year when Robinhood’s valuation was roughly about $1.3 billion when it even had roughly two million users.
As evidently shown in their social media Robinhood, which offers zero-fee crypto trading services, is truly in demand that seems as if it’s answering the pleas of many who want it available in their states.
For example, we have just recently reported how the Robinhood app has now officially opened up for the state of Michigan after it has offered commission-free Bitcoin and Ethereum trading to residents of the following states of California, Colorado, Florida, Massachusetts, Missouri, Mississippi, Montana, New Mexico, and Wisconsin.
The funding of the Series D round was led by DST Global together participation from new investors Iconiq, Capital G, Sequoia Capital, and KPCB as other existing investors also included NEA and Thrive Capital.
As posted in a blog post about the raise, Robinhood has stated their side.
“We’ll deploy the capital by accelerating our product expansion even more, investing in our infrastructure and operations, and hiring more world-class talent to join us along the way,” they said.