Robinhood Launches Ether Classic Trading Ahead of Coinbase

Robinhood beats rival Coinbase to adding Ether Classic a day earlier.

by Nina Dimitrova
07 August • 2 mins
In News

US Robinhood, the zero-fee “traditional” asset and crypto trading platform, announced it has added Ether Classic (ETC) for trading on its commission-free mobile trading platform Robinhood Crypto.

 

The announcement came just a day before rival Coinbase said it would open the floodgates for ETC deposits, with plans to launch live trading shortly after that.

 

The addition of ETC brings the number of cryptocurrencies in Robinhood’s tradable portfolio to six, with Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Dogecoin, which wasdded in mid-July. Users can also track live market data and create price alerts for 10 other cryptocurrencies: Ripple (XRP), Monero (XMR), Bitcoin Gold (BTG), Dash (DASH), Lisk (LSK), NEO (NEO), OmiseGO (OMG), Qtum (QTUM), Stellar (XLM), Zcash (ZEC). 

Commission-free crypto trading on Robinhood’s platform is available in 19 states, with Georgia added last week.

Robinhood was founded in 2013 in California by two Standford University math graduates and launched at the end of 2014. Initially, the app was offering commission-free trading in “traditional” assets like U.S. stocks, ETFs and options.

 

In February, Robinhood also started offering trading in Bitcoin and Ether in several US states and real-time price info on other major cryptocurrencies.

 

Robinhood claims to have more than four million users and billions of dollars in transaction volume and is backed by a USD 539 million funding from top-tier investors such as DST Global, NEA, Index Ventures, Thrive Capital, Sequoia, and KPCB. The company is currently valued at USD 5.6 billion. 

 

Robinhood Financial is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Last week, it was revealed that the company is in preliminary talks with regulators to offer banking services as well.