Going public is part of the company mission, CEO Baiju Bhatt announced while speaking in a conference in California.
The US-based stock and cryptocurrency trading application Robinhood is preparing an Initial Public Offering (IPO) in the future, the company’s chief executive officer Baiju Bhatt said during a TechCrunch Disrupt conference in San Francisco on Thursday. The financial technology startup is also in process for hiring a chief financial officer (CFO), Bhatt told attendees.
“It’s something we think is very much in the future. Being a public company closely aligns with our mission. Not in the immediate term, but it’s something we’re thinking about,” Robinhood’s boss said.
As part of the IPO preparations and due to several audits by the US Securities and Exchange Commission (SEC) and the country’s self-regulatory body, FINRA (Financial Industry Regulatory Authority), the company has begun a search for CFO, Bhatt revealed. The CFO-search announcement came at the same time as one of the firm’s crypto trading competitors, Binance, hired Wall Street IPO specialist Wei Zhou as chief financial officer, but denied plans for going public.
So far, Robinhood has used private crowdfunding models. Earlier this year, the company raised $363 million in Series D funding round, which put the startup value at $5.6 billion. DST Global led the investment procedure, which was also backed by Google’s venture capital fund Capital G, Iconiq, and Sequoia. Last year, Robinhood took $110 million in Series C round, again with DST Global as the largest investor.
Started five years ago, Robinhood offers zero fee trading of stock, exchange-traded funds (ETF), and options. In February this year, it turned to the crypto world after launching a virtual coin trading service, which is available in 19 US states including California and Florida but without New York and Washington DC.
Currently, the app supports trading in six cryptos: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Dogecoin (Doge). Last month, Robinhood added Ethereum Classic (ETC) just a day before highly-anticipated Coinbase listing of ETC.