Crypto Trading App Robinhood Adds Support for Ethereum Classic
Commission-free crypto trading app Robinhood has listed Ethereum Classic (ETC), according to an official announcement Monday, Aug. 6. Robinhood customers can also invest in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Dogecoin (DOGE), as well as monitor market data for ten other cryptocurrencies.
Currently available in 19 states of the U.S., Robinhood crypto trading app was launched in February, 2018, initially listing Bitcoin and Ethereum, and available only in four states. On July 12, Robinhood launched support for Bitcoin Cash and Litecoin, just a few days prior to the introduction of Dogecoin.
Robinhood originally intended to operate its zero-fee business “on break even basics” and does not “plan to profit from it for the foreseeable future,” giving priority to expanding its customer base instead.
In May, Robinhood raised $363 million in a series D funding round to expand its business, tо а valuation of $5.6 billion, which is a fourfold growth from the previous year. In late June, Robinhood was rumored to be considering the launch of their own cryptocurrency wallet after posting a job listing for crypto engineers.
Ethereum Classic is seeing the most gains over the past 24 hours among the top 20 cryptocurrencies by market capitalization according to Coinmarketcap. The altcoin is ranked 12 and is trading at $18.34, up almost 5 percent over the 24 hour period.
In June, ETC jumped 25 percent after major U.S. crypto exchange Coinbase announced it would list ETC on its platform in the near future. Final testing for ETC support began last week, with the exchange announcing that Coinbase Pro would be ready for inbound transfers of ETC tomorrow, Aug. 7.