Pop stock and cryptocurrency trading app had a lot of issues in March, and is reportedly trying to make upward for information technology with assist from a new injection of greenbacks.

Co-ordinate to Bloomberg, Robinhood is in the procedure of raising $250 million at a valuation of virtually $8 billion. Citing anonymous sources, the report says the new funding round will be driven past Robinhood'due south existing investors, similar major venture majuscule house Sequoia Uppercase.

The word is that there's still no final deal. Cointelegraph contacted Robinhood for comment and didn't receive an immediate response. We will update this story if they should provide one.

The study also notes that Robinhood has seen record revenue growth during the coronavirus pandemic, up from $twenty million in March 2022 to $sixty one thousand thousand March 2022. There was a significant surge in new account signups in the midst of marketplace volatility.

The March 2 outage was not the just technical outcome experienced by Robinhood that calendar month. On March 9, the platform suffered another arrangement outage, causing downtime for several services on its platform. A group of afflicted users filed a form action lawsuit against the company on March 25, accusing the platform of leaving its users able to execute trades on securities or modify limit orders.

Robinhood's reported funding could exist crucial in winning back the trust of users affected by the company'southward outages, as well as handling ongoing legal bug stemming from those outages. As reported, Robinhood started compensating some of its users in mid-March, merely declined to say how many users were affected.