At $5.6 billion, Robinhood’s newly launched crypto-trading platform is growing. Finally, Ethereum Classic now on Robinhood app for investing – just a day before Coinbase adds the option too.
Early Monday morning on Twitter, Robinhood the commission-free and mobile-centric cryptocurrency trading service would be adding yet another asset to its exclusive roster. Ethereum Classic (ETC) is now on Robinhood app.
You can now invest in Ethereum Classic on Robinhood Crypto, commission-free. https://t.co/PAidMUpbYq
— Robinhood (@RobinhoodApp) August 6, 2018
The option went live today on its Robinhood Crypto app, adding that only those in the 19 U.S. states with access to the service can trade ETC at this time.
The trading platform has continued to increase the number of supported cryptocurrencies available to users. At present, Robinhood traders can work in Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, and now Ethereum Classic.
The main downside is that the mobile-focused service currently doesn’t allow the deposit and withdrawal of crypto assets.
Lack of the aforementioned features, which are essential for the success of any cryptocurrency platform, is seen as a major oversight.
Zero-commission transactions to beat the competition
As of right now the best crypto apps for cryptocurrency information, BitMEX, Binance, LiveCoin, Bitfinex, Poloniex, and Kraken all support ETC/BTC trading. However, Robinhood offers zero-commission transactions, a feature which works in the favor of investors. Robinhood’s business model is based on making profits from interest on cash and securities held in customers’ accounts.
The platform is also capable of tracking market data for 10 other cryptocurrencies — which suggests eventual integration into the platform. For now, users simply need to add these digital assets, which include Zcash, Stellar, and Moreno, to their watchlist.
Ethereum Classic is up 15%
ETC’s blockchain is a continuation of the original Ethereum blockchain. The original Ethereum blockchain had undergone a hard fork due to a hack back in 2016. However, ETC recently topped $2.2 Billion in circulation. The news of Robinhood, Coinbase, and Bittrex adding the Ethereum classic cryptocurrency have helped it gain momentum at the time of substantial cryptocurrency decline.
As a direct result of the positive news regarding ETC, the price of the asset has surged over the previous weeks, outperforming a vast majority of the foremost crypto assets. Ethereum Classic is currently up 15% over the past 24 hours. As of right now, ETC is currently valued at $20.3, reaching a near three-month high in dollar value.