Published On: Sat, May 12th, 2018

Crypto-Friendly App Robinhood Now Has More Users Than E*Trade

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Robinhood continues to garner investment funds and user interest, thanks to its commission-free model, the addition of cryptocurrencies, and its ability to attract millennials away from traditional trading platforms.
‘Quite Remarkable’
The free trading app Robinhood is now valued at $5.6 billion, following the company’s announcement that it has successfully closed its Series D round of funding with $363 million.
Some of the new investors forking over the bulk of those funds included Sequoia, Google’s Capital G venture capital fund, and Iconiq. However, DST Global invested the lion’s share during the Series D round. Last year, when Robinhood had two million users, DST Global facilitated the $110 million round.
Robinhood, which offers stocks and options trading without commission fees, currently boasts four million users — 0.3 million more than the online trading giant E*Trade. Noted Dan Primack, business editor of Axios:
E*Trade has been around since the original dot-com boom and is kind of considered the industry standard of online brokerages. The fact that Robinhood has been able to outpace them in terms of users in such a short period of time, I think is quite remarkable.

Explosive Growth …

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