Robinhood Raises Another $363 Million Amid Crypto Push
*By Alisha Haridasani*
The free trading app Robinhood, which offers stocks and options trading without commission fees, announced Thursday that it closed a Series D round of funding with $363 million. That brings the fintech start-up's valuation to $5.6 billion.
With 4 million users, Robinhood has been able to overtake the online trading industry's biggest player, E*TRADE, which has 3.7 million users.
“E*TRADE has been around since the original dot-com boom and is kind of considered the industry standard of online brokerages,” said Dan Primack, business editor of Axios. “The fact that Robinhood has been able to outpace them in terms of users in such a short period of time, I think is quite remarkable.”
Much of Robinhood’s growth has come from its new cryptocurrency trading platform, co-founder and co-CEO Baiju Bhatt told [CNBC](https://www.cnbc.com/2018/05/10/trading-app-robinhood-surpasses-e-trade-in-user-numbers.html). That platform offers trading in Bitcoin and Ethereum, and is available in 10 states, with plans to expand.
Beyond crypto, Robinhood aims to build more products, said Primack, who spoke with one of Robinhood’s co-founders before the company announced its latest funding.
Robinhood's new initiatives could include its own credit cards, platforms to trade other securities, and possibly an insurance product, Primack said.
Since Robinhood doesn’t make any money from commissions, it relies on subscriptions for its revenue. The firm [reportedly](http://fortune.com/2018/05/10/robinhood-stock-crypto-trading/) plans to stick to that business model.
For the full interview, [click here](https://cheddar.com/videos/robinhood-quadruples-valuation-with-363-million-round-of-funding).
President Donald Trump wants his “big, beautiful” bill of tax breaks and spending cuts on his desk to be singed into law by Independence Day. And he’s pushing the slow-rolling Senate to make it happen sooner rather than later. Trump met with Senate Majority Leader John Thune at the White House early this week and has been dialing senators for one-on-one chats, using both the carrot and stick to encourage them to act. But it’s still a long road ahead for the bill. Senators want to make changes to protect Medicaid and to make sure some tax breaks become permanent. Elon Musk called the whole bill a "disgusting abomination.”
For Novak Djokovic, this is a relatively easy call. He thinks the French Open is making a mistake by eschewing the electronic line-calling used at most big tennis tournaments and instead remaining old school by letting line judges decide whether serves or other shots land in or out.
