Free trading app robinhood raises $363 million, valuation soars to $5.6 billion r gas constant

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The free trading app Robinhood, which offers stocks and options trading without commission fees, announced Thursday that it closed a Series D round of funding with $363 million. Existing investors included NEA and Thrive Capital. The funding round was led by DST Global with participation from new investors Iconiq, Capital G, Sequoia Capital, and KPCB.

The company’s co-CEO Baiju Bhatt told CNBC that Robinhood has more than $150 billion in transaction volume since their introduction. "But we also really feel we’ll have the absolute best experience for investing in crypto as well-from having a large variety of coins available to a more favorable cost structure-mainly no commissions-to just quality of the product", he added. "We invested because we think that Robinhood has the potential to bring its low-priced and user-first approach to revolutionize large portions of financial services", said Andrew Reed, a partner at Sequoia Capital.

In February, Robinhood launched its commission-free cryptocurrency trading platform, Robinhood Crypto, which is now available in 10 states across the U.S. The platform now allows trading only in Bitcoin (BTC) and Ethereum (ETH), while allows its users to track market data for 16 cryptocurrencies. "The fact that Robinhood has been able to outpace them in terms of users in such a short period of time, I think is quite remarkable".

US -based mobile stock trading app Robinhood has announced a $363 million Series D funding round that it says will help the firm expand to become possibly the largest cryptocurrency platform. The list of participants includes giants like Sequoia, Google’s venture capital fund Capital G, Kleiner Perkins, and Iconiq.

Speaking with Fortune, Baiju Bhatt, Robinhood’s co-founder and co-CEO, said that he expects to roll out the platform across the country by the end of this year. This news comes just a few months after the company launched its bitcoin and other cryptocurrencies investment platform, which its services are 24 hours a day available the platform is commission-free. "But we also really feel we’ll have the absolute best experience for investing in crypto as well-from having a large variety of coins available to a more favorable cost structure-mainly no commissions-to just quality of the product", he added. Coinbase has more than 20 million users despite the fact that they offer only four digital currencies.

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