Ethereum Classic (ETC) Added to Robinhood Crypto Trading App
Robinhood announced that it has added Ethereum Classic (ETC) to its trading app, beating Coinbase to the race.
Trading app Robinhood announced on August 6 that it has added Ethereum Classic (ETC) to its trading app.
This move comes just a day before cryptocurrency exchange Coinbase adds ETC support to its platform.
Robinhood published a blog post yesterday informing its users that they can now invest in Ethereum Classic (ETC) in a surprise announcement.
They added that the option was activated yesterday on their crypto app. However, the ETC trading option is only available to those living in the 19 U.S. states with access to the service for the meantime.
The post added that their users can trade the other approved coins including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Dogecoin, as previously reported. They can also track market data for 10 other cryptocurrencies, Robinhood noted.
Ethereum Classic coming to Coinbase
As reported earlier, cryptocurrency exchange and wallet provider Coinbase is expected to officially launch its support for Ethereum Classic today.
While making the announcement last week, Coinbase revealed that it had started final testing for the digital currency and is set to start accepting transfers in ETC on August 7.
Coinbase, however, revealed that ETC trading will first be available to users of Coinbase Pro and Coinbase Prime, and no customer will be allowed to trade the coin right away. Coinbase will allow 24 to 48 hours of transfers through Pro and Prime before they open the markets.
Following their Trading Rules, all ETC books will open in post-only for a minimum of 10 minutes. The moment adequate liquidity is attained, ETC trading will then be opened on Coinbase Pro and Prime.
The post further added that Coinbase’s consumer service will add the asset once it has been listed on the Pro and Prime platforms. This will take approximately a week or two after trading has commenced on Pro and Prime.
Coinbase further revealed that Coinbase Prime and Coinbase Pro customer who had Ethereum before the 2016 fork are set to receive a credit for ETC. Retail customers will not get credited since Ethereum wasn’t supported on the platform until after the fork.
Dogecoin (DOGE) recently listed on Robinhood
Prior to the listing of Ethereum Classic on Robinhood, Dogecoin was the last coin listed on the trading app.
Unique crypto trading platform
Robinhood is a very unique trading platform. Earlier this year, the platform launched zero-fee Bitcoin (BTC) and Ethereum (ETH) trading for the first batch of users in February of this year.
The company makes its profits via interest on cash and securities held in customers’ accounts, as well as through optional premium account memberships such as Robinhood Gold.
Robinhood is looking to obtain a banking license from the U.S. Office of the Comptroller of the Currency (OCC).
Sources close to the company revealed that Robinhood wants to offer financial services like savings accounts and provide better services than traditional banks with better interest rates and a one-stop financial service portal.