Robinhood, the platform which began as a stock trading app and has since moved to incorporate cryptocurrency trading and other services, may be continuing to expand its efforts in the world of digital tokens and beyond. According to a recent report by Coin Telegraph, the company is planning to launch an initial public offering (IPO). As part of these efforts, the company is looking for a chief financial officer (CFO), according to the report.

A Long Process Ahead

While Robinhood CEO Baiju Bhatt is openly revealing that his company intends on going through with an IPO, the timeline of this process remains unclear. Indeed, there are many steps that the company will have to take before it can launch an IPO and begin to trade publicly. Finding a CFO is one of many important parts of the process. Besides that, Robinhood will have to undergo a number of audits by the U.S. Security and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) designed to ensure that it is in compliance with various regulations. Beyond the requirements of regulatory agencies, there is also the matter of determining when the best time for the IPO might be and how the company wishes to go about this process.

Excitement Among Investors

The broader investment world will no doubt be watching carefully as Robinhood moves toward an IPO. The company was most recently seen raising $363 million in a series D funding round and $110 million in a series C round and was valued at $5.6 billion in May of this year. This valuation places it as the second-most valuable fintech startup company in the country. Robinhood boasts about 5 million users who conduct trades in cryptocurrencies, a service the company began to offer back in February.

Robinhood generates revenue in at least three ways: it charges interest on funds that users hold in Robinhood accounts, it sells premium subscriptions to allow for enhanced service on the platform, and it sells order flow to stock exchanges desiring more liquidity. With multiple revenue streams, the company has maintained its goal of providing free trades for its users in many cases.

Besides an IPO, Robinhood is continuing to expand in other ways as well. In June of this year, speculation arose that the company would launch a digital currency wallet when savvy investors discovered job postings for multi-skilled digital currency engineers posted by the company. As of this time, though, Robinhood only allows buys and sells of particular digital currencies, not the transfer of assets to a third-party wallet.