Robinhood Secures $280M in Series F Funding, Plans to Develop Globally
- Robinhood has secured $280 Million Series 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 in style buying and selling platform of Robinhood has introduced that the agency has secured $280 Million sequence F funding after an $8.3 Billion valuation. The spherical of funding was lead by Sequoia Capital which is an current investor of Robinhood. Other current and new traders that participated within the Series F funding embody NEA, Ribbit Capital, 9Yards Capital and Unusual Ventures.
New Funding to Push for Global Expansion
The workforce 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 aim as follows:
The goal of the capital increase is to allow us to have flexibility and be strategic, and proceed to spend money on the platform.
We envision that over the following few years, Robinhood will develop globally and proceed rolling out extra merchandise.
Stability Concerns Still Linger
Amidst the present inventory and crypto market volatility, Robinhood has managed so as to add greater than 3 Million funded accounts to this point this 12 months. According to Robinhood, half of their new prospects are first-time traders.
However, the soundness 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. During the Coronavirus crash of 2020, the platform suffered an outage on 2nd March. The day proved to be one of the risky because of the financial results of COVID19. Trading capabilities had been totally restored on the ninth of March which is a full week after the occasion.
Trading has been restored and Robinhood is again up and working once more. Thank you to your endurance as we resolved this challenge.
— Robinhood Help (@AskRobinhood) March 9, 2020
List of Cryptocurrencies Available for Trading on Robinhood
At the time of penning this, Robinhood at present helps buying and selling of the next cryptocurrencies.
(Feature picture courtesy of Unsplash.com.)
Disclaimer: This article is just not meant to provide monetary recommendation. Any extra opinion herein is solely the writer’s and doesn’t signify the opinion of Ethereum World News or any of its different writers. Please perform your individual analysis earlier than investing in any of the quite a few cryptocurrencies out there. Thank you.