Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Robinhood, an online retail trading platform offering various investment options, including commission-free stock, is raising $250 million in fresh funding.
What Happened
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The California-based online brokerage is raising $250 million from investors, led by Sequoia capital, at $8 billion pre-money valuation. After its most recent round of funding closed in July 2019, the company was valued at $7.6 billion, reported Bloomberg.
Along with Sequoia, existing investors in Robinhood include Alphabet Inc.’s (NASDAQ:GOOGL) (NASDAQ:GOOG) venture capital arm GV, DST Global, Kleiner Perkins, New Enterprise Associates, and Index Ventures.
Why It Matters
The online brokerage experienced long and repeated outages in early March, leading to an announcement of gold and monetary compensation for affected consumers. Robinhood blamed infrastructure and systems communications failures for the downtime.
Even so, the trading app has enjoyed record growth in revenue during the current COVID-19 pandemic, as the resulting volatility has led to new account sign-ups. In December, the company had 10 million users, according to Bloomberg.
Recently, the brokerage announced the rollout of several new features for its Gold members, including Level 2 market data and research from the Morningstar analyst team.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.