In the past couple of years, Robinhood has emerged as one of the most demanded applications for cryptocurrency and stock trading in the United States. In the past couple of years, the exchange has experienced tremendous growth.
Apart from the stocks trading, the exchange has experienced a lot of user growth since the pandemic hit the United States. According to the exchange officials, the application’s revenue has increased significantly since the launch and mass adoption of cryptocurrencies.
The trading application team recently informed its users that it was going to increase its support team for cryptocurrencies. The officials revealed that at minimum, they will be increasing the support team three times than the current size.
This was because they had too many users joining the cryptocurrency trades since the beginning of 2021. As per the officials, they had observed the influx of several million users since the beginning of 2021. Therefore, they had to proceed and grow their support teams in order to cater to the needs of the cryptocurrency investors’ day-to-day needs.
It was just recently when Robinhood had announced that it was planning to go public with its stocks in the market. Initially, things looked welcoming and favorable for the trading application. However, the recent developments seem to have caused a hiccup in the growth and expansion of the application.
As per the latest reports, Robinhood is currently struggling to make progress when it comes to going public. According to observers, Robinhood may have to face a lot of problems before it manages to for its initial public offering (IPO).
The reason behind the delay in the initial public offering (IPO) is the interference of the securities regulators. The reports suggest that the regulators are currently reviewing the services and applications being run by Robinhood.
The reports suggest that the US Securities and Exchange Commission (SEC) is currently questioning the executives of the trading application. The investigation conducted by the SEC is about the trading services Robinhood is providing for cryptocurrencies.
Since March, Robinhood has been involved in expanding its services in the cryptocurrency space. The vast expansion in the cryptocurrency industry is the reason why the Securities and Exchange Commission (SEC) is alarmed.
This is the reason why Robinhood is facing a delay commencing its initial public offering (IPO). The exchange is planning to increase its trading pairs and adding more services to the platform since March of 2021.
Some of the inside sources currently looking into the matter have revealed that Robinhood may not be able to launch its IPO until autumn. Initially, Robinhood had decided to launch its IPO in mid-July. The trading application had revealed that it wanted people to return from the 4th of July holidays so the IPO could be launched.