In the last one year, Robinhood has successfully managed to double its user base to 4 million registered users as on date.
Robinhood has 4 million brokerage accounts on its platform compared to E-trades 3.7 million accounts.
Beyond crypto, Robinhood aims to build more products, said Primack, who spoke with one of Robinhood's co-founders before the company announced its latest funding.
"At Robinhood, we're guided by the belief that America's financial system should work for everyone - not only the wealthy". The funding round was led by DST Global with participation from new investors Iconiq, Capital G, Sequoia Capital, and KPCB. The company, however, is pushing to expand its operations to more states in a bid to make cryptocurrency trading accessible to a wider audience. Existing investors included NEA and Thrive Capital.
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In February, Robinhood launched its commission-free cryptocurrency trading platform, Robinhood Crypto, which is now available in 10 states across the U.S. The platform now allows trading only in Bitcoin (BTC) and Ethereum (ETH), while allows its users to track market data for 16 cryptocurrencies. A platform that has already attracted over 20 million users and is only listing four coins, this is according to the fortune. "There's no real scenario where we would change that at all", Bhatt said.
"Robinhood's product cadence has been very impressive". "The plan for the next few years is to go from a full-service investment company to a full-service consumer finance company", Bhatt said.