- Robinhood has secured $280 Million Collection 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 workforce on the widespread buying and selling platform of Robinhood has announced 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 Collection F funding embrace NEA, Ribbit Capital, 9Yards Capital and Uncommon Ventures.
New Funding to Push for International Enlargement
The workforce went on to elaborate that the funding will probably 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 objective as follows:
The aim of the capital increase 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 up to now this yr. In keeping with Robinhood, half of their new prospects are first-time traders.
Nonetheless, 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 way of an IPO. Through the Coronavirus crash of 2020, the platform suffered an outage on 2nd March. The day proved to be one of the unstable as a result of financial results of COVID19. Buying and selling capabilities had been absolutely 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 to your persistence as we resolved this challenge.
— Robinhood Assist (@AskRobinhood) March 9, 2020
Listing of Cryptocurrencies Accessible for Buying and selling on Robinhood
On the time of penning this, Robinhood at the moment helps buying and selling of the next cryptocurrencies.
(Function picture courtesy of Unsplash.com.)
Disclaimer: This text just isn’t meant to offer 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 personal analysis earlier than investing in any of the quite a few cryptocurrencies out there. Thanks.