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Popular trading platform Robinhood has postponed its IPO plans, originally slated for later this month, after its prospectus went through regulatory review.
What Happened: According to a Bloomberg report, sources familiar with the matter revealed that the United States Securities and Exchange Commission was specifically asking questions about Robinhood’s cryptocurrency activities.
While Robinhood can still be listed publicly this summer, sources said there is a chance it will even be postponed until the fall.
“The company intends to release its financial statements as soon as possible and make them public once the SEC completes its review,” they said.
Why it matters: After launching its no-fee crypto trading platform in 2018, Robinhood has seen massive growth in user numbers, most of whom are trading crypto for the first time.
The biggest increase in user growth came in 2021, when the company reported 6 million new users after just two months of the year.
The platform offers seven cryptocurrencies for trading, including Bitcoin (CRYPTO: BTC), Bitcoin cash (CRYPTO: BCH), Bitcoin SV (CRYPTO: BSV), Dogecoin (CRYPTO: DOGE), ether (CRYPTO: ETH), Ethereum classic (CRYPTO): ETC) and Litecoin (CRYPTO: LTC).
Also Read: Robinhood 2021 App Review
What Else: Robinhood has remained a popular trade route for users, although it became controversial earlier this year when it barred users from buying Dogecoin and GameStop Corp. (NASDAQ: GME) due to “extraordinary market conditions”.
Price Action: At time of going to press, the market-leading cryptocurrency Bitcoin was trading at $ 33,487, down 1.70% in the past 24 hours.
The cryptocurrency’s total market cap was $ 1.34 trillion after falling 0.34% overnight.
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