Robinhood Plans To Launch Their First IPO & Crypto Wallet Soon
Robinhood firms revealed their initial strategy of their launch of first IPO with valuation of $35 billion. And also they hinted to add new crypto features in their services like crypto wallet.
Robinhood firms are under investigation by regulators whether their operations are really under rules & whether following AML law perfectly or not. Since they are fined by the Financial Industry Regulatory Authority (FINRA) for Violating AML. But right now Robinhood seems Confident with their IPO launch.
Related: $10 Million Fine Against Robinhood To Violate AML Law
According to the reports, Robinhood is sure that they will get final approval to start their IPO services in crypto soon. Reports also say that the delay in IPO of Robinhood is because of the SEC Investigation case against Robinhood for their violation of law of Anti Money Laundering activities.
Related: Delay In IPO At Robinhood Platform Due to Inquiry By SEC
Reportedly, Robinhood Plans to to go public with their first IPO launch with the estimated valuation of $35 billion. But right now Robinhood has to pay $70 million, to comply with the order of the Financial Industry Regulatory Authority (FINRA). The $70 million fine is against the Robinhood Platform because of the high traffic & high volatility at their platform lead into big loss for their many customers.
So they are planning to sell their 55 millions ” HOOD” shares at a price of $40.
Vlad Tenev, CEO of Robinhood, claimed that their team is working hard to bring crypto related features to their platform so that they can give a better ecosystem at their platform to their users.
Since the very start they initially boosted their crypto trading business through existing stock trading apps. Where they made 34% revenue growth only from crypto trading.
Previously, they said that they will bring features for Crypto traders that will be with crypto wallets. So they may Launch own crypto wallet.
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