Robinhood Adds Ethereum Classic to Crypto Trading App
Robinhood announced Monday that its customers can now invest in ethereum classic (ETC), just a day before Coinbase adds the option too.
The company said in a blog post that 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.
Users can also trade in bitcoin, ethereum, bitcoin cash, litecoin and dogecoin, "as well as track market data for 10 other cryptocurrencies," the post states.
As mentioned, crypto exchange Coinbase is also expected to launch support for ETC tomorrow.
The company announced last week that it had begun "final testing" for the cryptocurrency, and would begin accepting transfers in ETC on August 7. However, the new option will be opened up initially to users of Coinbase Pro and Coinbase Prime, and no customers will be able to trade in ETC immediately.
"We intend to allow 24–48 hours of transfers through Pro/Prime before opening the markets. In accordance with our Trading Rules, all ETC books will open in post-only for a minimum of 10 mins. Once sufficient liquidity is established, trading will then be enabled on Pro and Prime," the company explained.
Coinbase's consumer service will add the asset "only after they are listed on Coinbase Pro and Prime," the post added, continuing:
"We plan to add support for ETC on Coinbase Consumer when sufficient liquidity is established. We expect this to occur approximately 1–2 weeks after trading begins on Pro and Prime."
Moreover, while Coinbase Prime and Coinbase Pro customers who held ethereum prior to the 2016 fork will receive a credit for ethereum classic, retail customers will not, as ethereum was not supported until after the fork, the exchange said.
Coinbase first announced it was adding ethereum classic in June, saying the selection was consistent with its Digital Asset Framework. At the time, the listing announcement caused the token's price to jump 25 percent in 30 minutes to just over $16.
At press time, the token was trading at $17.72, according to the CoinDesk Market Center.
Trading chart image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.