Robinhood, the commission-free cryptocurrency trading app, has expanded its offerings by listing Ethereum Classic (ETC). The platform, currently available in 19 U.S. states, enables users to trade ETC alongside other major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Dogecoin (DOGE).
Key Features of Robinhood’s ETC Listing
- Zero-Fee Trading: Robinhood maintains its no-commission model for ETC transactions.
- Market Data: Users can track real-time prices for 10 additional cryptocurrencies.
- Geographical Reach: Available in select U.S. states, with plans for further expansion.
Background and Expansion
Launched in February 2018, Robinhood initially supported only BTC and ETH in four states. By July 2018, it added BCH, LTC, and DOGE to its platform. The company prioritizes customer growth over short-term profitability, as highlighted in its D-round funding of $363 million** (May 2018), which valued Robinhood at **$5.6 billion.
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Ethereum Classic’s Market Performance
According to CoinMarketCap, ETC surged 5% in 24 hours following Robinhood’s announcement, reaching $18.34. This aligns with its June 2018 price spike when Coinbase Pro announced ETC support, driving a 25% increase.
Coinbase Integration
Coinbase began final testing for ETC support in early August 2018, with in-platform transfers going live on August 7. This move further legitimized ETC as a tradable asset.
FAQs About Robinhood and ETC
1. Which states support Robinhood Crypto?
Robinhood Crypto is available in 19 U.S. states, including California, Texas, and Florida. Check their website for updates.
2. Does Robinhood charge fees for ETC trades?
No. Robinhood offers zero-fee trading for all listed cryptocurrencies, including ETC.
3. Can I withdraw ETC to an external wallet?
As of 2018, Robinhood did not support external wallet transfers. Users could only trade within the app.
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Final Thoughts
Robinhood’s ETC listing marked a significant step in broadening access to altcoins. With Coinbase and Robinhood onboard, ETC gained mainstream traction, reinforcing its position as a top-20 cryptocurrency.