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Cryptocurrency Trading App Robinhood Reportedly Seeks $250M After March Outages
Summary: Robinhood, the popular stock and cryptocurrency trading app, has experienced a lot of problems in the month of March, and is purportedly trying to make up for it with help from a new injection of cash. According to a report from Bloomberg, Robinhood is looking to raise $250 million at a valuation of about $8 ...
Robinhood, the popular stock and cryptocurrency trading app, has experienced a lot of problems in the month of March, and is purportedly trying to make up for it with help from a new injection of cash.
According to a report from Bloomberg, Robinhood is looking to raise $250 million at a valuation of about $8 billion. The funds are meant to win back the trust of users who have been affected by the outages, as well as handle a lawsuit stemming from those outages.
The platform experienced system outages on March 2 and March 9 which caused downtime for several services on its platform. Because of these outages a group of users filed a class action lawsuit against the company on March 25, accusing the platform of leaving its users unable to execute trades on securities or change limit orders.
By Ramsey Baker
Tags: Bloomberg,Funds,Lawsuit,outages,raise,Robinhood
Link: Cryptocurrency Trading App Robinhood Reportedly Seeks $250M After March Outages [Copy]
