In light of this, the company is on the hunt for a chief financial officer (CFO) as it takes steps to go public.
Speaking at the TechCrunch Disrupt conference on Thursday, Robinhood CEO Baiju Bhatt, spoke of how the startup has begun to search for a CFO, while at the same, is going through a host of audits in order to be regulatory compliant. The SEC and FINRA are both performing these audits.
Robinhood began cryptocurrency trading back in February. This was in an effort to bring in more revenue and from the start, the platform was popular, drawing over 1 million users to its services within a few weeks. That number has grown to over 5 million at the time of writing.
Following subsequent fundings rounds which it held in May, Robinhood was valued at $5.6 billion, making it the second most valuable fintech startup in the US.
And now we are to expect a Robinhood IPO.
The company offers zero-fee trading, so how does it make money? Well, it has three revenue channels:
- It charges interest on funds kept in Robinhood Accounts;
- It sells order flow to Stock exchanges needing more liquidity;
- Its Premium subscriptions.
Robinhood has been a constant growing brand in the cryptosphere. Recent months have seen the platform add support for more and more coins. Ethereum Classic, Dogecoin, Litecoin, and Bitcoin Cash have all been recent additions.
Then rumors of it building its own crypto wallet began surfacing. A job-posting looking for specific blockchain engineers in June was to thank for that.
The company has, in recent weeks, also spoken about obtaining a banking license in order to become a banking services provider.
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