Robinhood raises $ 323 million in financing round led by DST Global

3 min read

Cryptocurrency including trading platform Robinhood raised $ 323 million in a recent financing round. Robinhood shared the figure in an official announcement on July 22.

According to the report, the DST Global investment firm led the Series E funding round which also included Ribbit Capital, NEA, Sequoia and Thrive Capital as other contributing members.

In addition, the announcement indicates that Robinhood has a post-money valuation of $ 7.6 billion through this funding round.

Today's announcement follows earlier reports that Robinhood was planning to raise more than $ 200 million to set the company's post-financing value between $ 7 billion and $ 8 billion.

According to the Robinhood website, the company currently offers trading options for cryptocurrencies, stocks, options and exchange-traded funds.

A CNBC report describes Robinhood as a six-year-old company with a user base of thousands of years. The company has apparently grown significantly over the past year, with a user base that grew from around 4 million to 6 million from summer 2018 to the end of the year.

Robinhood reportedly collaborated with Chicago's Jump Trading LCC trading company to conduct its crypto transactions, said an anonymous source for Bloomberg. Both companies apparently declined to comment on the alleged partnership, but the Robinhood website, as well as a comment from a company representative, confirm that its trading app does indeed outsource the execution of the market order to third parties.

Robinhood daughter Robinhood Crypto also acquired a BitLicense in May to trade in New York. The BitLicense is a New York-specific license that is required to trade in the state and is controlled by the New York State Department of Financial Services.

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Don Bradman

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