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Robinhood secures $363M in Series D funding, seeks to become largest crypto platform

Stock trading firm Robinhood has raised an astounding $363 million in Series D round led by DST Global.

Other investors include Iconiq, Capital G, Sequoia Capital, and Kleiner Perkins. Existing investors included NEA and Thrive Capital. The new funding brings Robinhood’s total valuation to $5.6 billion, the company said.

In February, Robinhood launched its commission-free cryptocurrency trading platform, Robinhood Crypto, which is currently available in 10 states across the U.S. The platform currently allows trading only in Bitcoin (BTC) and Ethereum (ETH), while allows its users to track market data for 16 cryptocurrencies.

Speaking with Fortune, Baiju Bhatt, Robinhood’s co-founder and co-CEO, said that he expects to roll out the platform across the country by the end of this year.

The company said that the new funding will be used to accelerate its product expansion, hiring, and towards infrastructure and operations. Bhatt believes that the company will soon become a close rival to Coinbase.

“We expect by the end of the year to be either the largest or one of the largest crypto platforms out there,” he said.

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