Robinhood Raises $363M in Fresh Funding Round, Closing In On Rival E

Robinhood co-founder and co-CEO Baiju Bhatt at the free stock trading company's Silicon Valley headquarters

On Thursday, Robinhood announced a $363 million funding round, valuing the company at $5.6 billion.

Beyond crypto, Robinhood aims to build more products, said Primack, who spoke with one of Robinhood's co-founders before the company announced its latest funding. The list of participants includes giants like Sequoia, Google's venture capital fund Capital G, Kleiner Perkins, and Iconiq.

The company's co-CEO Baiju Bhatt told CNBC that Robinhood has more than $150 billion in transaction volume since their introduction.

The Robinhood Crypto platform, which allows retail investors to trade bitcoin and ethereum, also offers market data on a total of 16 cryptocurrencies including bitcoin, ethereum, Bitcoin Cash, Litecoin, Ripple, Ethereum Classic, Zcash, Monero, Dash, Stellar, Qtum, bitcoin Gold, Omisego, NEO, Lisk and Dogecoin. In the past few months, we launched more products to further our mission of democratizing financial services, and brought your investments together on one platform. Their first venture together was a hedge fund, but after observing the Occupy Wall Street movement up close and taking note of the populist outrage over income inequality, they made a decision to start a platform that lets users trade for free. It makes money through its subscription service Robinhood Gold, and by collecting interest on deposits.


"We plan on continuing to offer these services for free".

While commenting on the latest regulatory cloud hovering over the crypto market, especially when financial agencies like SEC and the CFTC are having strict scrutiny, Bhatt expressed absolute confidence and said that they are all ok with it.

"At Robinhood, we're guided by the belief that America's financial system should work for everyone - not only the wealthy".

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