THELOGICALINDIAN - Robinhood continues to accumulate advance funds and user absorption acknowledgment to its commissionfree archetypal the accession of cryptocurrencies and its adeptness to allure millennials abroad from acceptable trading platforms
The chargeless trading app Robinhood is now admired at $5.6 billion, afterward the company’s advertisement that it has auspiciously bankrupt its Series D annular of allotment with $363 million.
Some of the new investors bifurcation over the aggregate of those funds included Sequoia, Google’s Basic G adventure basic fund, and Iconiq. However, DST Global invested the lion’s allotment during the Series D round. Last year, back Robinhood had two actor users, DST Global facilitated the $110 actor round.
Robinhood, which offers stocks and options trading after agency fees, currently boasts four actor users — 0.3 actor added than the online trading giant E*Trade. Noted Dan Primack, business editor of Axios:
The app’s absorbing advance is due in no baby allotment to its accession of Bitcoin and Ethereum trading in April. The cryptocurrencies are accessible to buy or advertise in 10 US states. Explained Robinhood’s co-founder and co-CEO, Baiju Bhatt, in a buzz account with CNBC:
As acclaimed by CNBC, Robinhood has managed to accumulate the absorption of the abundant approved afterwards millennial demographic (ages 18-35), which acceptable banking trading platforms accept struggled to allure in contempo years. Drawing in the adolescent army of investors is the app’s commission-free trading archetypal and the accession of cryptocurrencies. Explained Bhatt:
What do you anticipate about the aboriginal success for the commission-free app? Are you afraid to apprentice that the about newcomer has added users than E*Trade? Let us apperceive in the comments below!
Images address of Bitcoinist athenaeum and Wikimedia Commons/@Nilfanion.
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