The Robinhood stock trading app has made ethereum classic (ETC) the sixth cryptocurrency listed on its recently launched encryption platform.
The $ 5.6 billion company unveiled support for the ethereum classic on Monday, providing investors in eligible US states with the ability to hold ETCs in their portfolios alongside traditional equity investments.
Robinhood has launched state-based cryptocurrency trading as it obtains the money transmitter licenses to operate in each individual jurisdiction. Currently, the service is available to investors in 19 states, most recently in Iowa and Georgia.
The service, launched with support for bitcoin (BTC) and ethereum (ETH), has progressively expanded the range of cryptocurrency assets listed on Robinhood's Crypto platform. In addition to ETC, in the last few months the company has also quoted cash bitcoins (BCH), litecoin (LTC) and dogecoin (DOGE). Users can add another 10 coins to their checklist, 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 of Coinbase, the cryptocurrency brokerage giant that Robinhood has to stop if it hopes to make its service fee-free the platform of choice for crypted retail buyers. But while Coinbase was the first to announce that he planned to list ETC, Robinhood managed to defeat him.
The Robinhood of Menlo Park, which raised $ 363 million in the recent Series D funding round, appears to be building a cryptocurrency portfolio, a service that Coinbase already offers but is not currently available through the nascent platform of Robinhood's cryptocurrency trading.
Both companies, as reported by CCN, will soon have to face a challenge from a cryptocurrency trading platform called Voyager, which is being developed by a group of mediation and technology experts from companies such as E * Trade and Uber. Voyager says it will launch with the support of at least 15 cryptocurrencies and states that its routing engine will help investors buy and sell coins at the best rates available in more than a dozen underlying cryptocurrency exchanges.
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