Robinhood will expand its cryptocurrency product line after increasing its capital by $ 363 million
This Thursday, May 10 the company called RobinHood, a company that allows its users in the United States to invest in the securities markets and also allows to invest in several cryptocurrencies, announced that it managed to raise about 363 million dollars with which it will be able to expand its line of products.
According to the official communiqué of RobinHood, this money has been collected during its last collection round and now its capital will amount to 5,600 million dollars. Also, it is explained that this new capital would serve to invest in the company allowing them to expand their product line.
We will implement capital by further accelerating our product expansion, investing in our infrastructure and operations, and hiring more world-class talent to join us on the road (...) Be on the lookout for updates on new products and features, as well as to the availability of trade in Robinhood Crypto.
It should be noted that, last February, this company launched a new service called RobinHood Crypto, a platform that allows its customers to buy and sell bitcoin and ether without having to pay any commission in a total of 10 states in North America (California, Massachusetts, Missouri, Montana, Colorado, Mississippi, New Mexico, Florida and Michigan).
Although in its statement RobinHood does not specify what these new products will be on the market, they mention that new features will come with respect to the cryptocurrency trade, so it can be speculated that new options and new cryptoactives would come with which to trade on this platform. .
This round of financing was led by DST Global, and new investors participated in this project, such as Iconiq, Capital G, Sequoia Capital and KPBC, although there were also investors who had previously invested in RobinHood, such as NEA and Thrive Capital .
In this way the growth of RobinHood means good news for US investors, since they could extend the services of their platform to new states in that country. This platform has a significant number of users; more than 4 million according to its official statement.
The emergence of new alternatives to buy and sell cryptocurrencies in the United States could be especially useful for users who are dissatisfied with local companies that provide this type of service, such as Coinbase, whose measures have recently caused dissatisfaction among their customers.