If a new round of fundraising is any indication, Robinhood is on track to become a full-service financial services company and a serious rival to Coinbase.
The company just revealed it raised $363 million which will be used to expand the company’s product lineup. The move is expected to help lift total value of Robinhood to around $5.6 billion.
Robinhood, based in Palo Alto, California, is popular among millennials for its stock and cryptocurrency trading app. Robinhood Crypto, launched in February, has helped the company reach new traders. Its total number of accounts have doubled to 4 million in the past year, surpassing rival E-Trade which has roughly 3.7 million accounts.
The company has also announced plans to expand its cryptocurrency trading platform, offering more than just Bitcoin and Ethereum on its mobile app. “We also plan to support the ability to buy and sell other cryptocurrencies through Robinhood Crypto,” the company says on its website.
Robinhood has already added real-time market data for 14 additional coins, offering a glimpse into which coins are on its radar. Here’s the list in alphabetical order:
• Bitcoin Cash (BCH)
• Bitcoin Gold (BTG)
• Dash (DASH)
• Dogecoin (DOGE)
• Ethereum Classic (ETC)
• Lisk (LSK)
• Litecoin (LTC)
• Monero (XMR)
• NEO (NEO)
• OmiseGO (OMG)
• Qtum (QTUM)
• Ripple (XRP)
• Stellar (XLM)
• Zcash (ZEC)
Robinhood is careful to point out that supporting market data for a given cryptocurrency does not necessarily mean it plans to add buying and selling options.
Cryptocurrency trading on Robinhood is now available in 10 states, including two latest additions: Florida and Michigan.
Here’s the complete list:
• California
• Colorado
• Florida
• Massachusetts
• Michigan
• Mississippi
• Missouri
• Montana
• New Mexico
• Wisconsin
Related: Goldman Sachs Launching Crypto Trading Desk, Says Bitcoin Is Not Fraud and Not a Currency
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