Robinhood is set to raise at least $200 million in a new funding round.
According to the report, an unspecified source familiar with the matter told Bloomberg about the company’s plans to raise further funding. The new funding if achieved will increase the firm’s value to between $7 billion and $8 billion.
Boomberg reported people saying that the new funds come from existing investors who wants anonymity. A further funding round could increase the company’s worth to $10 billion, but the numbers are subject to change until the deal is closed.
Robinhood, which allows for zero-fee stock trading, first introduced bitcoin (BTC) and ether (ETH) trading in January last year.
Remember that Robinhood has officially launched its crypto trading app in New York following the acquisition of a BitLicense by the New York State Department of Financial Services in January 2019.