The cost of the app Robinhood rose to $ 5.6 billion after adding cryptocurrency

The cost of the app Robinhood rose to $ 5.6 billion after adding cryptocurrency

Within a few days after the announcement that Robinhood is going to add cryptocurrency, the number of users of this app grew to 1 million (previously, the number of users was 3 million).

The number of users grew to 4 million, and trading volume exceeded 100 billion – $ 1 billion saved commissions. With the advent of Robinhood Crypto we continue to work on our mission to create an affordable financial system for everyone, not just for the rich.

This week the Wall Street Journal found out that the company “is estimated to reach 5.6 billion U.S. dollars. I.e. the valuation of the company rose more than 4 times during the year. Among the investors in the latest round of financing a startup was included DST Global, which a year ago, “has estimated the company in $ 1.3 billion”. According to the publication, DST is going further to invest 350 million dollars in Robinhood .

This company makes it one of the biggest players in the retail online trading market:

The new assessment ensures Robinhood place the company among the top 15 best private technology companies in the United States. The company could capture significant market share in financial trading”.

Robinhood primary audience is the Millennials, which are also the main investors in the cryptocurrency. Many of them still can’t afford to work through traditional brokers, that is why app is the perfect solution.

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