Robinhood Announced Plans To Conduct IPO
The representatives of Robinhood, an American crypto trading platform, intend to conduct an initial public offering of shares (IPO) and for this purpose are looking for a financial director to join their team, TechCrunch reports.
At this stage, the startup is undergoing a large number of inspections by several US financial regulators to meet all regulatory requirements, Baiju Bhatt, Robinhood CEO, stated.
This year has been remarkable for the startup due to several achievements. This February, the company provided customers with the opportunity to trade bitcoin, ether, and immediately attracted increased attention. In spring, the startup team managed to raise $110 million in Series C funding round and $363 million in Series D, which were organized by the Russian company DST Global.
Upon completion of these funding rounds, Robinhood is estimated at $5.6 billion and is the second largest financial startup in the United States. Currently, the platform has five million users, conducting various financial transactions.
The company has three areas of activity for which it receives revenue. The startup charges rates of interest on funds that users store on their Robinhood accounts, sells order flow to stock exchanges, and offers premium subscriptions.
As previously reported, Robinhood plans to add Crypto candlestick charts to its mobile app to better inform its customers. In early August, the Ethereum Classic (ETC) cryptocurrency was added to the Robinhood's listing.