Crypto-trading startup Robinhood plans to go public

Robinhood mobile investment application presented to its clients in this year the possibility of commission-free trading of cryptocurrencies, is looking for a new CFO, while the startup itself plans to conduct an initial public offering (IPO).

Crypto-trading startup Robinhood plans to go public

At TechCrunch on Thursday, Robinhood CEO Beihu Bhatt said his company is “currently actively looking for a CFO” as it plans to go public over the medium to long term..

“The status of a public company, I believe, fits well with our mission. And this, of course, is in our plans, not in the nearest future, but we are thinking about it, “he said..

Bhatt said that because his company provides services in the financial sector, the relevant regulators in the United States are involved in checking its security measures and financial performance. including Commission on securities and exchanges (SEC) and Industry Regulatory Service financial services (FINRA).

Robinhood began providing cryptocurrency trading services in February this year and attracted over 1 million people to the option during the early access phase. In May, the startup raised $ 363 million in a Series D round with a market valuation of $ 5.6 billion, making Robinhood the second most expensive fintech startup in the United States..

According to TechCrunch, Robinhood uses three monetization schemes for its services. It charges a percentage of the funds that users hold on its platform, sells order flow to exchanges that want to provide higher liquidity, and premium subscriptions..

Rumors surfaced in June that Robinhood was about to launch cryptocurrency wallet. They were based on the fact that the startup posted several vacancies for developers in the field of cryptocurrencies with a variety of skills. Robinhood currently only allows its clients to trade cryptocurrencies and does not allow withdrawals.

In the same month, “sources familiar with the situation” told Bloomberg that the firm intended to obtain a banking license and was in “constructive” negotiations with the Commission on the Regulation of Commercial Banks..

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