A huge increase has been seen in the funding of the Stock trading Robinhood app. It becomes the 2nd most payable startup in the US with its present value at $5.6 billion, as Fortune reports. The ‘Robinhood Crypto’ expands US-wide by raising $363 million, according to a company press release on 10th May.
The investment company, DST global led the investment round with new investors includes Kleiner Perkins, Sequoia Capital, Iconiq Capital and CapitalG – Venture Capital arm of Alphabet Inc.
Baiju Prafulkumar Bhatt, the co-founder, and CEO of Robinhood says in an interview with Fortune, the company is planning to offer ” trading in 16 types of cryptocurrencies including Bitcoin, Zcash, Ethereum, and, Ripple” and offer a “more favorable cost structure,” with no commissions than existing platforms. Robinhood offers commission-free stock trading through an app it had launched 3 years back.
Brokers and E-traders have been more cautious about cryptocurrency trading. So Bhatt stressed on the point that Robinhood is also a registered broker-dealer with SEC i.e. Securities Exchange Commission.
Goldman Sachs, an investment banking company, announced that it will open a crypto trading desk in few weeks. ICE(Intercontinental Exchange), also plans to offer Bitcoin(BTC) swap Contracts.