Robinhood —Commission Free Crypto Investing App Set to Raise $200 Million

According to a recent report, Robinhood, a stock and crypto trading app situated in the United States has made known its intention to raise about $200 million in funds. This new round of fundraising will help the company to increase its worth to about $7 billion or $8 billion.

Robinhood Valuation Likely to Hit $10 Billion

The funds are said to be coming from the company’s early investors all of whom asked to remain anonymous and that the details of their investments be kept under wraps. While the details of the funding are presently been discussed, another funding is reportedly going to increase the firm’s worth to $10 billion. However, the details are liable to change until the deal goes through.

The app which gives room for zero-fee stock trading launched ether (ETH) and bitcoin (BTC) trading in January 2018, and it has now introduced its crypto trading app in New York after it purchased a BitLicense by the New York State Department of Financial Services in January this year.

Centralised Crypto Exchange Volume Hits Records High

In other news, according to an Exchange Review which was conducted by the crypto data provider, Crypto Compare in April 2019, it was revealed that centralised cryptocurrency exchanges did experience a massive increase in trade volume during the month with top fiat-to-crypto firms having a total increase of 85%.

Bithumb is Leading the Pack

Bithumb, a major crypto exchange in South Korean topped the list with a total volume of $17 billion during the month of April, it was followed by Bitfinex and Upbit which had $6.7 billion (up 114%) and $8.7 billion (up 20%) respectively.

Other exchanges which experienced an increase during the month include Bitstamp, Kraken, Coinsbit, and Coinbase, while crypto exchange Liquid reported experienced depreciation.

As for decentralised exchanges (DEX), they reportedly increased by 0.068 percent in the month of April. This is a clear indication of growth.