Robinhood to Become the Largest Cryptocurrency Platform

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Robinhood, a mobile stock trading application raised $363 million through a funding round and aims to expand and become the largest cryptocurrency platform, reported Coindesk on May 10.

The funding round was led by DST Global, with Iconiq, Capital G, Sequoia Capital and KPCB and estimates the total value of the firm at $5.6 billion.

As soon as the U.S.-based mobile app will get the licenses needed, it plans to expand its crypto trading app to every state in the U.S., which is currently only available in 10 states.

Baiju Bhatt, Robinhood’s co-founder and co-CEO, mentioned in an interview with Fortune that its cryptocurrency mobile app will be available everywhere in the U.S. by the end of 2018.

Bhatt also expressed that he expected Robinhood to “be either the largest or one of the largest crypto platforms out there” near the end of 2018.

Robinhood’s cryptocurrency trading app will expand to five new states with this announcement in the U.S.: Colorado, Mississippi, Wisconsin, Florida and Michigan.

 

 

 

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