Fee-free stocktrading app RobinHood is eyeing an incredible $5.6 billion valuation on the back of a forthcoming fund raising round, according to the Wall Street journal. The company, which recently announced plans to let users in five US states buy and sell Ether and Bitcoin on the app, is reportedly close to completing a new round of financing from DST Global.
DST Global led a $110 million round in the five-year old US firm in April last year, valuing the company at $1.3 billion.
With traditional retail brokerages such as E*Trade charging fees of anything up to $10 a trade, Robinhood has attracted strong interest for its apps since launching in 2015.
The move into cryptocurrencies is expected to further grow its three million-strong user base by undercutting the likes of Coinbase, which charges subscribers up to four per cent on transactions.