U.S.-based mobile stock trading app Robinhood has announced a $363 million Series D funding round that it says will help the firm expand to become possibly the largest cryptocurrency platform.
According to a statement published on Thursday, the funding round values the firm at $5.6 billion and was led by DST Global, with Iconiq, Capital G, Sequoia Capital and KPCB also participating.
With its coffers now full, the firm said it is now looking to expand its cryptocurrency trading service, which is currently available in 10 U.S. states to eventually cover the whole country as soon it receives the necessary licenses.
In an interview with Fortune, Robinhood's co-founder and co-CEO Baiju Bhatt said he expects that to happen by the close of 2018.
In its announcement, the firm said the new funds will be spent on product expansion, infrastructure and operations and growing its team. Following that, Bhatt said he expects Robinhood to "be either the largest or one of the largest crypto platforms out there" by end of 2018.
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