It seems likely cryptocurrency exchanges will continue to grow in popularity. Robinhood has made a meaningful impact in very quick succession. The zero-fee stock trading app and exchange is currently mulling to go public. Instead of selling a token through an ICO, Robinhood prefers an Initial Public Offering.
Big Plans Ahead for Robinhood
The success of cryptocurrencies cannot be ignored. Although the industry is still in the early stages of development, there are positive developments every other week. Various financial service providers are looking to enter this market soon or in the foreseeable future. One of the companies to do so recently is Robinhood, the zero-fee stock trading applications.
Since adding cryptocurrency trading support, the company has seen an influx of new users. Its zero-fee approach has been well received by users from all over the world. Exposure to Bitcoin and altcoins is in high demand among both regular and institutional investors alike. These new developments have elevated the company to a whole new level, which also introduces a lot of potential new opportunities to explore.
One of those opportunities comes in the form of going public. It is not uncommon for financial firms to seek a listing on a big stock exchange. Robinhood CEO Baiju Bhatt wants to file for an IPO sooner rather than later. Regular audits are conducted by the SEC, FINRA, and the internal security team alike. To cap off this plan, the firm will need to hire a chief financial officer. That search is still ongoing as of right now.
It is rather interesting to see Robinhood take the traditional IPO route. A few people expected the company to create a native token and pursue an initial coin offering. Other cryptocurrency exchanges have created their native tokens in the past, with Binance possibly being the most successful one to date. For Robinhood, an IPO will give it more mainstream legitimacy, which can, in turn, benefit the cryptocurrency industry as well.
Robinhood has quickly become a household name in the cryptocurrency industry. Its decision to take the plunge on Bitcoin and altcoins was a big surprise, yet it can be the development which pushes cryptocurrency into the mainstream. Positive changes like these need to happen more frequently, as the industry has come to a crucial crossroads. The future will be determined very soon, and so far things are looking promising for cryptocurrencies.