Cryto Trade platforms are growing
The company Robinhood is a cryptocurrency, asset and stock trading start-up and has announced plans on going public, and is currenctly looking for a chief financial officer. That they can become apart of the longterm goals of the company. The Robinhood smartphone mobile app allows individuals to invest in traded companies and also exchange-traded funds listed on the stock exchanges without the need for paying a commision.
Robinhood makes revenues based on the interest earned on customers’s cash balances and the margin lending positions. The company raised more than $110 million serie C last year, with a $1.3 billion valuation in April of 2017. This year the company raised approximately $363 million in a Series D round funding which was led by the DST Global and Sequoia Capital. Which valued Robinhood at approximately $5.6 billion. Robinhood is now being regulated by the Securities and Exchange Commission (SEC) and is registered with Financial industry Regulatory Authority (FINRA) as a brokerdealer.
Robinhood Dapp to change the way regulators look at cryto trading
The company said it was in the process of receiving a banking license in order to deligate bank servcies. In a report by Coinspeaker, the banking licenses will provide customers with a saving account together with a few banking servcies. Robinhood is constantly improving its servcies, the company recently put out an update on its platform for its users to be able to use anaytical tools that would improve their research abilities and trading experience. The update inlcuded a chart, discovery tools as a analytical rating tool. This gives market commentary that is based on Wall Street analytics. Another feature called “People Also Bought” is also a part of the user experience as it allows the tracking of purchases on the platform.
Baiju Bhatt CEO of Robinhood said that the company was looking for a CFO “Being a public company i think aligns very closely with our mission as well. And it’s definitely on the horizon, not in the immediate term, but that’s something we are thinking about.”
The company thinks that hiring a CFO will help the startup to become an alternative to E-trading and the traditional stock brokers. which will give the platfom a more efficient growth rate. The CEO of Robinhood thiks the platform is ready for a Wall Street entry.
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