By
Temitope Olatunji
April 24th, 2024
Now crypto trading app Robinhood offers its clients an opportunity to invest in Ethereum Classic without paying any commission.
Despite the fact that the crypto market is experiencing not the best period of its life cycle at the moment, commission-free crypto trading app Robinhood is moving forward in its development. Just recently, it has announced addition of support for Ethereum Classic (ETC).
Initially, the service was launched offering support for only two cryptos: Bitcoin and Ethereum. Nevertheless, it is actively working on expanding the range of cryptocurrency assets listed on its platform.
Now Robinhood clients will be allowed to invest in 6 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE) and Ethereum Classic (ETC).
Moreover, platform’s clients can track market data for ten other cryptoss: Bitcoin Gold (BTG), Dash (DASH), Lisk (LSK), Monero (XMR), NEO (NEO), OmiseGO (OMG), Qtum (QTUM), XRP (XRP), Stellar (XLM) and Zcash (ZEC).
Indeed, development of commission-free Robinhood is gaining momentum. The announcement about adding Ethereum Classic followed the news about adding a peer-to-peer digital currency Dogecoin, Litecoin and Bitcoin Cash which happened in July.
Moreover, the trading app is actively expanding its geography. Now it is available for clients in 19 states, Iowa and Georgia have been just recently added to this list.
To recall, the crypto app was launched in February as a response to the skyrocketing interest of a wide audience in cryptocurrencies. Initially, Robinhood didn’t have any plans of getting profit from it for the foreseeable future. The main goal that had the founders of the project was to expand its clients base providing access for cryptos to the widest audience possible.
In May, with a view to expand its business Robinhood held a series D funding round managing to raise $363 million. The company’s valuation has reached $5.6 billion, which is four times higher than the year before.
The company is actively developing. In June, there were even some rumors about its plans to launch its own cryptocurrency wallet. Nevertheless, there is no any official confirmation of these plans.
The decision of Robinhood to add Ethereum Classic to its app came just after a similar announcement made by Coinbase. Nevertheless, Robinhood has managed to be the first to do it. The process of listing cryptos for Robinhood Crypto seems to be less technically difficult in comparison with the Coinbase’s process as the mobile-focused service at the moment doesn’t provide its users with a possibility to deposit and withdraw their crypto assets.
However, it is not the only piece of news about Ethereum Classic. Today, this coin has managed to enter the top 10 coins ranking. After the announcement by Robinhood was made, ETC has shown the highest gains over the past 24 hours if compared with the top 20 cryptocurrencies by market capitalization.