On August 6, Robinhood took yet another step to make its mark in the world of cryptocurrencies. This time, the app introduced Ethereum Classic on its platform. The company announced the addition of the currency in a blog post and tweet on Monday. Ethereum Classic has become the sixth currency to be added to the platform. It is the eleventh largest digital currency in the market with over $2 billion in market capitalization, per CoinMarketCap data.
Robinhood Goes a Step Ahead
Before this summer, Robinhood supported four digital currencies — Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Three weeks ago, it added support for Dogecoin as well. The addition of Ethereum Classic brings the number of supported cryptocurrencies to six. The company provides market data for ten additional cryptocurrencies.
Announcing the addition of Ethereum Classic, the company wrote on Twitter:
“You can now invest in Ethereum Classic on Robinhood Crypto, commission-free.”
The Californian fintech start-up has already made its services available in 19 states. It is quickly working to acquire licenses to operate in other states as well.
On August 1, the company also announced extended market hours for the traders. Now Robinhood customers can trade between 9 am and 6 pm Eastern, instead of 9:30 am to 4 pm. This feature was previously available only to Robinhood Gold customers but is now available for everyone. The company states that this will make the core app experience better. The company’s advancements in both stock and crypto markets show that it won’t lose momentum anytime soon.
The Battle for Ethereum Classic
In the recent bullish phase that the crypto market has experienced, Ethereum Classic has been one of the top-performing cryptocurrencies. The battle for support for the currency began publicly in June. On June 11, Coinbase announced that it is planning to add support for Ethereum Classic in a few months. However, on August 3, it said that the final testing would be completed on August 7. Users will be able to transfer ETC coins in their Coinbase accounts then.
However, Robinhood, which has emerged as a strong competitor to the exchange because of its commission-free trading model, stayed one step ahead. It launched support for ETC trading just one day before Coinbase’s Tuesday deadline.