Robinhood is facing legal action from regulators in the United States, following accusations it has been marketing aggressively to inexperienced traders.
Digital currency-friendly stock trading platform Robinhood Markets Inc. has reportedly hired Goldman Sachs to lead its upcoming IPO.
The report claims that the stock and digital currency trading app has asked banks to pitch for roles in the IPO.
Robinhood is now valued at $11.7 billion and has been reported to be planning an initial public offering this year.
The app-based platform is alleged to have failed in its duty to disclose the information, with its ‘How We Make Money’ page silent on sales of its order flow.
The funding round was led by existing investor Sequoia Capital, in partnership with both existing and new investors.
Since the middle of March, Robinhood has been engaged in compensating users affected by the problems.
Digital banking platform Revolut has launched in the U.S, five years after it launched in Europe. The platform supports easy buying of digital currencies.
Huobi has launched a mobile app that targets the Southeast Asian market, allowing users to purchase digital currencies from their phones for zero fees
The digital banking platform, which allows its users to easily purchase crypto, is now valued at $5.5B, making it the U.K.’s most valuable fintech startup.
The investment app reportedly failed to ensure customer orders were executed on the best available terms when routing orders through its broker-dealer partners.