Robinhood gathered more than $323 million in the latest fundraising which now makes the trading app worth $7.6 billion. Despite the major boost and support from the users, the broker is still less worth than the Bitcoin-focused Coinbase as we can read in the latest cryptocurrency news below.
Coinbase has a total worth of $8 billion while the stock and crypto trading app only reached the $7.6 billion despite the massive fundraising. In a press release the company made it perfectly clear that they have been very busy since the last round of funding and even added several features to their platform:
“We’re focused on building products and services that expand access to our financial system. Since May of last year, we’ve launched our own clearing system, Clearing by Robinhood; rolled out a new Robinhood Gold experience including Nasdaq Level 2 Market Data; and introduced multi-leg options strategies. We also acquired Robinhood Snacks to bring people digestible financial news; grew our management team, including leaders for operations and finance; and expanded Robinhood Crypto to more than 30 states.”
If you take a closer look at the features that the company ships out, Robinhood crypto stands out as anything remotely groundbreaking. Everything else is either already on the market or old news which makes the attractiveness of the broker less magical. There are about 4 million people that use the platform of the Robinhood App while in the meantime Coinbase only makes deals in Bitcoin and other crypto assets, scored a stunning $8 billion in value last year.
The fact that Coinbase value is now even higher than the one in 2018 after the bitcoin price plummeted, suggests that the crypto exchange could now be worth more than $8 billion. With the improving prices and the sentiment on the market make up for a great period ahead for Coinbase’s value but it still not clear how much they will affect Robinhood.
Robinhood aims to be different and even brands itself like such but the perception could not be further from the truth. Saying that your platform has zero commission does not mean that there will be free trading at all and they also perform the anti-client action of selling order-flow to HFTs just like other exchanges do. Robinhood gathered a huge sum of money as noted in the altcoin news, but the only difference could be better marketing.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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