Inventory and cryptocurrency trading platform Robinhood is organizing to start an Initial Public Presenting (IPO), for which the company is on the lookout for a chief fiscal officer (CFO), TechCrunch described September 6.
In an interview with TechCrunch, Robinhood CEO Baiju Bhatt claimed that the startup has begun to search for a CFO, and is undergoing a spate of audits from the U.S. Safety and Trade Fee (SEC) and the Economical Market Regulatory Authority (FINRA) in get to assure regulatory compliance.
Robinhood started presenting investing companies for cryptocurrencies in February of this calendar year, attracting above 1 million folks in its early access period of time. In May well, the startup lifted $363 million in a collection D funding spherical and $110 million in a sequence C spherical, which were being carried out by Russian organization DST Worldwide.
Pursuing the funding rounds, Robinhood was valued at $5.6 billion, making it the second most valuable fintech startup in the U.S. Currently, there are reportedly 5 million consumers conducting trades with cryptocurrencies on the Robinhood platform.
According to TechCrunch, Robinhood has 3 monetization schemes from which it generates revenue. The startup charges desire on resources users preserve in their Robinhood accounts, sells get circulation to inventory exchanges that want extra liquidity, and sells premium subscriptions.
In June, rumors arose that Robinhood was heading to start a cryptocurrency wallet next a task advertisement for multiskilled cryptocurrency engineers posted by the startup. When Robinhood permits traders to buy and sell crypto on the platform, users can’t transfer assets bought on the system to a 3rd-celebration wallet.
Also in June, “people familiar with the matter” explained to Bloomberg that Robinhood options to acquire a banking license, with “constructive” talks with the U.S. Business of the Comptroller of the Forex to place alone as a banking products and services provider.