Robinhood Plays Coinbase, Adds ETC Trading Day Early

by Seth Mek on August 07, 2018

Robinhood, the popular commission-free trading app, announced today that it now supports the buying and selling of Ethereum Classic (ETC), the open-source, public, blockchain-based distributed computing platform that features smart contract functionality. The timing is likely not random, as the announcement comes one day before Coinbase plans to list ETC across its various trading platforms.

The news comes just weeks after Robinhood announced the addition of Dogecoin, a cryptocurrency based on a popular online meme that boasts low-fee transactions and a scalable network. In addition to ETC and DOGE, Robinhood users are able to trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash. 

Unfortunately, buying Ethereum Classic is not yet available to all Robinhood users. Robinhood has been rolling out their platform on somewhat of a “as-we-go" basis. The most recent state to be granted trading access is Georgia, making that a total of 19 states thus far. Trading is readily available to residents of AZ, CA, CO, FL, IN, MA, MI, MS, MO, NJ, NM, PA, TX, UT, VA, WI, and now of course GA.

Many people don’t realize or understand, that whilst using Robinhood to trade, you don’t actually own the underlying assets. Instead, users are buying a derivative that reflects the change of price in each of these cryptocurrencies. While it is possible this may be changed in the future, a recent report shows Robinhood are planning to create their own crypto wallet functionality. Investors who are interested in the actual currency may want to purchase their coins from a rival exchange, like Coinbase for example.

Nonetheless, the flurry of listing announcements has boosted the price of ETC. Over the last few days, ETC has jumped nearly 30% and is currently sitting at a juicy $20. ETC has officially surpassed the market cap of NEO, a leading blockchain platform for smart contracts often referred to as the Ethereum of China.

It may be wise to keep your eyes on this little gem, could prove to provide a monstrous ROI in the coming years. 

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