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The company behind popular trading platform Robinhood will soon be launching another funding round. Bloomberg reports that Robinhood Markets Inc., is looking to raise around $200 million.
The next funding round will be coming from investors who already have a stake in the company, who have apparently asked not to be identified. The $200 million figure is based on a valuation of between $7 billion and $8 billion, but this could rise to around $10 billion. The last time the company sought funding was in 2018, when it was valued at around $5.6 billion.
Start spreading the news, Robinhood Crypto is officially in New York now. Trade Bitcoin, Ethereum, and other crypto in New York State.https://t.co/HGyvW8NUk9 pic.twitter.com/K2XfXZukXO
— Robinhood (@RobinhoodApp) May 23, 2019
Robinhood recently received approval from New York's Department of Financial Services to operate in the state. NY's BitLicense is notoriously difficult for projects to obtain, although Robinhood's pre-established status as a stock trading platform before it entered the crypto space probably helped its case. Users of the app were first able to trade BTC and ETH in January 2018.