Popular cryptocurrency trading app Robinhood is seen making some inroads giving some serious competition to numerous established players in this segment. "Our platform has also grown significantly, reaching over four million users, cementing Robinhood Financial as the fastest-growing brokerage ever".
The Silicon Valley company, whose mobile app lets users buy and sell public stocks without trading fees, said that it will use the funds to increase hiring and develop new products around its stock trading app, which has more than 4 million users. "I think we're pretty relentlessly focused on our mission of making the markets and the financial services system more accessible to the broader population, and that's a pretty good North star for us".
The company does not make any money on cryptocurrency trading. Existing investors included NEA and Thrive Capital.
To date, Robinhood's more than 4 million users have traded over $150 billion worth of securities on its platform, according to a company spokesman.
"We expect by the end of the year to be either the largest or one of the largest crypto platforms out there", said Bhatt. "The plan for the next few years is to go from a full-service investment company to a full-service consumer finance company", Bhatt said.