Mobile investment app Robinhood is preparing for an initial public offering (IPO). CEO Baiju Bhatt revealed this at TechCrunch, announcing the company is actively seeking a CFO to guide the company through this process. Going public is ‘definitely’ a plan for the company’s future.
Robinhood launched zero-commission crypto trading options earlier this year. Currently it offers trading options for bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin and dogecoin. These options are available in 17 states in the United States. The trading app is being used by over 5 million people worldwide.
It’s valuated art 5.6 billion USD after a new investment round was completed in May. One year earlier the app was valuated at 1.3 billion USD. Over 4 million people have opened an account in the app, but not all users have invested money in crypto or stocks. However, all users combined have conducted more than 150 billions dollar in transactions. Because the app doesn’t ask for commissions, people saved more than 1 billion dollars in fees.