Stock trading app Robinhood has made ethereum classic (ETC) the sixth cryptocurrency listed on its recently-launched crypto trading platform.
The $5.6 billion firm unveiled support for ethereum classic on Monday, providing investors in eligible U.S. states with the ability to hold ETC in their portfolios alongside their traditional equities investments.
Robinhood has been rolling out cryptocurrency trading on a state-by-state basis as it obtains the money transmitter licenses to operate in each individual jurisdiction. At present, the service is available to investors in 19 states, most recently Iowa and Georgia.
The service, which launched with support for bitcoin (BTC) and ethereum (ETH), has also been gradually expanding the range of cryptocurrency assets listed on the Robinhood Crypto platform. In addition to ETC, the firm has in recent months also listed bitcoin cash (BCH), litecoin (LTC), and dogecoin (DOGE). Users may also add 10 other coins to their watchlist, and these tokens will presumably be integrated into the app at a future date.
Robinhood’s decision to list ethereum classic follows a similar announcement by Coinbase, the cryptocurrency brokerage giant that Robinhood must disrupt if it hopes to make its commission-free service the platform of choice for retail crypto buyers. But while Coinbase was the first to announce that it planned to list ETC, Robinhood managed to beat it to the punch.
The Menlo Park-based Robinhood, which raised $363 million through its recent Series D funding round, also appears to be building a cryptocurrency wallet, a service that Coinbase already offers but its not currently available through Robinhood’s nascent cryptocurrency trading platform.
Both firms, as CCN.com reported, will soon face a challenge from an upstart cryptocurrency trading platform called Voyager, which is being developed by a cadre of brokerage and tech veterans from firms such as E*Trade and Uber. Voyager claims that it will launch with support for at least 15 cryptocurrencies and says that its routing engine will help investors buy and sell coins at the best available rates among more than a dozen underlying cryptocurrency exchanges.
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Last modified: May 20, 2020 6:09 PM UTC