Robinhood has secured $280 Million Sequence F funding after an $8.3 Billion valuation.
The funding will drive a push to develop the platform globally.
Robinhood additionally plans on scaling the platform and providing extra merchandise to customers.
The crew on the common buying and selling platform of Robinhood has introduced that the agency has secured $280 Million collection F funding after an $8.3 Billion valuation. The spherical of funding was lead by Sequoia Capital which is an current investor of Robinhood. Different current and new traders that participated within the Sequence F funding embody NEA, Ribbit Capital, 9Yards Capital and Uncommon Ventures.
New Funding to Push for World Growth
The crew went on to elaborate that the funding might be used to scale the platform, construct and develop new merchandise and speed up their enlargement. In a current interview with Fortune, the co-CEO of Robinhood, Vlad Tenev, additional elaborated on this objective as follows:
The aim of the capital elevate is to allow us to have flexibility and be strategic, and proceed to put money into the platform.
We envision that over the subsequent few years, Robinhood will develop globally and proceed rolling out extra merchandise.
Stability Issues Nonetheless Linger
Amidst the present inventory and crypto market volatility, Robinhood has managed so as to add greater than 3 Million funded accounts to date this yr. In line with Robinhood, half of their new prospects are first-time traders.
Nevertheless, the steadiness of the platform has been questioned by not solely Millenials preferring utilizing the platform, however by traders who’re ready for Robinhood to go public by means of an IPO. Throughout the Coronavirus crash of 2020, the platform suffered an outage on 2nd March. The day proved to be one of the vital unstable as a result of financial results of COVID19. Buying and selling features had been totally restored on the ninth of March which is a full week after the occasion.
Buying and selling has been restored and Robinhood is again up and operating once more. Thanks in your endurance as we resolved this subject.
— Robinhood Assist (@AskRobinhood) March 9, 2020
Listing of Cryptocurrencies Obtainable for Buying and selling on Robinhood
On the time of scripting this, Robinhood presently helps buying and selling of the next cryptocurrencies.
(Characteristic picture courtesy of Unsplash.com.)
Disclaimer: This text just isn’t meant to offer monetary recommendation. Any further opinion herein is solely the creator’s and doesn’t symbolize the opinion of Ethereum World Information or any of its different writers. Please perform your personal analysis earlier than investing in any of the quite a few cryptocurrencies obtainable. Thanks.