Robinhood is what many now know as probably one of the fastest rising and most successful unicorns of Silicon Valley – or startups that have achieved a valuation of or more than $1 billion.
The “no commission” crypto broker rose to fame several years ago when it revolutionised the way people trade and the perception of trading fees. The user base is focused on millennials primarily.
Robinhood managed to raise another $320 million in its latest funding round, an act that pushed the valuation of the company to the whopping $7.6 billion. Robinhood is literally in the footsteps of Coinbase in terms of valuation, as the crypto exchange has a valuation of around $8 billion,
Robinhood has recently explained that they have been working hard to introduce several new features in their platform, stating the following:
We’re focused on building products and services that expand access to our financial system. Since May of last year, we’ve launched our own clearing system, Clearing by Robinhood; rolled out a new Robinhood Gold experience including Nasdaq Level 2 Market Data; and introduced multi-leg options strategies. We also acquired Robinhood Snacks to bring people digestible financial news; grew our management team, including leaders for operations and finance; and expanded Robinhood Crypto to more than 30 states.
Considering the fact that Robinhood is still not mature and basically has not entered many markets, especially the European and Chinese market, a valuation of $7.6 billion is an impressive feat.