- Robinhood has secured $280 Million Sequence F funding after an $8.three Billion valuation.
- The funding will drive a push to increase the platform globally.
- Robinhood additionally plans on scaling the platform and providing extra merchandise to customers.
The group on the fashionable buying and selling platform of Robinhood has announced that the agency has secured $280 Million collection F funding after an $8.three Billion valuation. The spherical of funding was lead by Sequoia Capital which is an current investor of Robinhood. Different current and new buyers that participated within the Sequence F funding embody NEA, Ribbit Capital, 9Yards Capital and Uncommon Ventures.
New Funding to Push for International Enlargement
The group went on to elaborate that the funding might be used to scale the platform, construct and develop new merchandise and speed up their growth. In a recent interview with Fortune, the co-CEO of Robinhood, Vlad Tenev, additional elaborated on this purpose as follows:
The aim of the capital elevate is to allow us to have flexibility and be strategic, and proceed to spend money on the platform.
We envision that over the subsequent few years, Robinhood will increase globally and proceed rolling out extra merchandise.
Stability Considerations Nonetheless Linger
Amidst the present inventory and crypto market volatility, Robinhood has managed so as to add greater than three Million funded accounts to date this yr. Based on Robinhood, half of their new prospects are first-time buyers.
Nevertheless, the soundness of the platform has been questioned by not solely Millenials preferring utilizing the platform, however by buyers who’re ready for Robinhood to go public by way of an IPO. Throughout the Coronavirus crash of 2020, the platform suffered an outage on 2nd March. The day proved to be some of the unstable as a result of financial results of COVID19. Buying and selling features have 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 working once more. Thanks to your persistence as we resolved this difficulty.
— Robinhood Assist (@AskRobinhood) March 9, 2020
Checklist of Cryptocurrencies Accessible for Buying and selling on Robinhood
On the time of scripting this, Robinhood at present helps buying and selling of the next cryptocurrencies.
(Characteristic picture courtesy of Unsplash.com.)
Disclaimer: This text just isn’t meant to present monetary recommendation. Any further opinion herein is solely the writer’s and doesn’t characterize the opinion of Ethereum World Information or any of its different writers. Please perform your individual analysis earlier than investing in any of the quite a few cryptocurrencies obtainable. Thanks.