Crypto Trading Platform Robinhood Taps Goldman Sachs for $20 Billion IPO

US-based financial services company, Robinhood has selected Goldman Sachs to lead the process of an initial public offering (IPO) with an expected valuation of more than $20 billion. The company is planning to launch its IPO next year.

Citing unnamed sources, Reuters reported that the exact timing and valuation of the IPO will be subject to market conditions. The company’s last private funding round valued Robinhood at around $11.7 billion in September.

The Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term officially launched cryptocurrency trading services in 2018 and gained massive popularity among crypto traders in recent months due to commission-free trading. Additionally, the company offers trading and investing services in stocks and commodities.

The coronavirus pandemic fueled the growth of the trading platform as millennials and young investors increased their trading activities during the lockdowns. The platform recently raised more than $2 billion from private investors according to the data provided by the PitchBook.

Goldman Sachs and Robinhood declined to comment on the recent news.

Product Offering

Founded in 2013 with a mission to democratize finance for all, the California-based company introduced different financial products to gain market traction. The latest addition was Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, the app now offers trading in Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Ethereum Classic and Bitcoin SV. The company aims to expand the list of crypto products to offer a diversified range of digital assets. Recently, Robinhood launched its cash management program to help users earn interest on uninvested cash. Furthermore. Robinhood crossed the mark of 1 million cash management users earlier in November.

“Investors can join over one million Robinhood customers enrolled in Cash Management. It’s pretty simple you can earn interest every month on your uninvested cash, use your personalized debit card to make purchases on your favorite things, pay bills, and invest in stocks and ETFs, all through Robinhood,” the company mentioned in the official blog.

Finance Magnates earlier reported about Robinhood’s planning to launch an IPO in 2021.