Robinhood crypto exchange planning initial public offering
Robinhood, the stock and cryptocurrency trading platform, is planning an initial public offering according to an interview with TechCrunch on Thursday.
Chief executive Baiju Bhatt told TechCrunch the trading platform start-up was now looking for a chief financial officer as it undergoes a series of regulatory audits by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to ensure compliance.
The exchange began its cryptocurrency trading offering in February, quickly gathering momentum and attracting more than a million clients in its early access period.
There then followed a series of funding rounds, after which the company was valued at $5.6bn, making it the second most valuable fintech start up in the US.
Currently, the platform boasts around 5 million users conducting regular cryptocurrency trades.