Mobile application for trading stocks and cryptocurrency Robinhood is preparing for a new round of financing. The investment division of DST Global in the Mail.ru Group plans to invest $ 350 million in the development of the company, whose capitalization is already $ 5.6 billion, according to Wall Street Journal with reference to reliable sources.
Within a few days after the announcement of Robinhood’s entry into the market of cryptotrading platforms, the company received over 1 million requests for account creation, which amounted to approximately 33% of the total number of users before the application. So, by the end of February, the application already had 4 million active users.
“In the past four weeks, we were stunned by the enthusiasm shown to Robinhood Crypto. We are happy to contribute to the cryptoexchange community. We already have 4 million users and trading volumes on our brokerage platform reach $ 100 billion,” the company said.
A year ago, DST Global valued Robinhood at $ 1.3 billion. Now, according to WSJ, the company can enter the TOP-15 most expensive private technology enterprises in the US.
Investors are convinced that Robinhood can capture a significant share of trading in financial markets. Analysts emphasize that millenials are the core of the user’s audience of the application, and the growth of their revenues will favorably affect the company’s profits. At the same time, trade without commissions attracts more and more new users.
Recall, on February 22, the Robinhood application was launched in five US states – California, Montana, Missouri, Massachusetts and New Hampshire.