It has been an eventful few weeks for Robinhood, the free stock trading app. After raising $363 million in a new funding round, the company was last valued at $5.6 billion. The company now boasts a larger number of customers than E*TRADE, perhaps thanks in large part to its free platform and user-friendly interface. All told, the company is now the second-most-highly valued private fintech startup in the U.S., after Stripe, the company focused on online payments.
However, Robinhood could be poised for even greater heights; while the company got its start as a stock trading app, it turned heads and built even more momentum when it began to initiate cryptocurrency trading through its platform. As Robinhood continues to expand its cryptocurrency coverage and offerings, it has some analysts wondering if this up-and-coming brokerage app might even be able to rival Coinbase, one of the largest and most popular digital currency exchanges around the world.
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