The current bullish scenario in the cryptocurrency market has acted as a catalyst to generate more developments and updates in the field. The repercussions from the market behavior have also been beneficial to cryptocurrency organizations, with one company reaping a bountiful profit.
Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance. In the long-term, the company is speculated to be valued close to $10 billion, a figure riding on the back of recent announcements and positive sentiment from mainstream institutions.
The Baiju Bhatt-led company received a massive boost a few weeks back when it was awarded the BitLicense by the New York Department of Financial Services [DFS]. Maria T. Vullo, a financial services superintendent at the department, stated:
“DFS continues to lead the way in responsibly supervising and advancing innovation in New York’s flourishing financial technology sector through a strong state-based regulatory regime.”
In the last round of funding, Robinhood raised $363 million at a valuation of $5.6 billion, which was mainly led by DST Global, the venture firm operated by Russian billionaire Yuri Milner. Post the funding, Vlad Tenev, the co-CEO of Robinhood, said:
“We’re delighted that Robinhood Crypto has been granted a virtual currency license and a money transmitter license in New York. This will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform.”
The news about the valuation comes in the wake of another update from the company where Robinhood opened trading for seven new cryptocurrencies in New York. People in the Empire State can now conduct transactions involving Bitcoin [BTC], Bitcoin Cash [BCH], Bitcoin SV [BSV], Ethereum [ETH], Ethereum Classic [ETC], Litecoin [LTC] and Dogecoin [DOGE].
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