United States-based inventory and crypto buying and selling app Robinhood is about to lift no less than $200 million in a brand new funding spherical, Bloomberg reported on Could 24.
Per the report, an unspecified supply accustomed to the matter advised the outlet concerning the firm’s plans to lift additional funding. Furthermore, Bloomberg stories that the spherical would enhance the agency’s worth to between $7 billion and $eight billion, however that the main points may change.
Different individuals accustomed to the matter additionally advised Bloomberg that the brand new funds come from present traders, all of whom requested to not be recognized and to maintain the main points non-public. Whereas the funding talks are reportedly ongoing, an extra funding spherical may enhance the corporate’s price to $10 billion, however the numbers are topic to alter till the deal is closed.
Robinhood, which permits for zero-fee inventory buying and selling, first launched bitcoin (BTC) and ether (ETH) buying and selling in January final 12 months.
As Cointelegraph reported earlier this week, Robinhood has formally launched its crypto buying and selling app in New York following the acquisition of a BitLicense by the New York State Division of Monetary Providers in January 2019.
Additionally throughout this week, the brand new April 2019 Trade Evaluate from crypto information supplier Cryptocompare revealed that centralized cryptocurrency exchanges noticed a significant uptick in commerce quantity this April.