Ethereum Classic Spikes after Robinhood Listing
Robinhood has now listed Ethereum Classic, bringing the total number of coins on the platform to six. The stock trading app which charges no trading fees offers cryptocurrencies in addition to the more traditional equities investments.
It also offers real time market data for 10 other coins including Bitcoin Gold, Lisk, Monero, OmiseGo, Stellar, NEO and Zcash. These cryptos will most likely be listed in the future as well.
Robinhood is now available in 19 states including California, Arizona, Montana, New Jersey, Florida and Virginia. The company is actively seeking to expand to other states in the US having applied for licenses.
Coinbase to list Ethereum Classic as well
Coinbase is also preparing to list Ethereum Classic with final tests being conducted today, the company announced.
“We expect final testing to be completed by Tuesday, August 7, at which point we will announce that we’re ready to accept inbound transfers of etc. We intend to allow 24–48 hours of inbound transfers through Coinbase Pro and Coinbase Prime before enabling trading,” Coinbase said in statement.
The support will be rolled out incrementally across Coinbase’s various services, the company said.
Robinhood is seeking to gain an advantage over Coinbase, the market leader with its zero trading fees offer.
Ethereum Classic spikes
Predictably, Ethereum Classic has responded positively to the news, jumping more than 9% in value in the last 24 hours. This as other coins struggle to maintain their value after a rather sustained slide in the last one week.
Bitcoin is for example is barely holding its ground at $7402, only 1% up in the last 24 hours. The trend is repeated in the rest of the market with most major altcoins gaining less than 2%. IOTA is the most significant loser having dropped about 11% in the last 24 hours. Ethereum is up only 0.5% and EOS has gained 1.4%.
Coinbase was the first to announce plans for the ETC listing but Robinhood has beaten it to it. When it launches, Coinbase Custody customers will be able to make ETC deposits and withdrawals. On the other hand, Coinbase Pro and Coinbase Prime users will be able to trade.
Coinbase Consumer users will however wait for longer, probably a week or two after ETC is listed on Coinbase Pro and Prime as per Coinbase’s policy. This will be done after sufficient liquidity is established.
Voyager to launch another commission free platform
Another start up Voyager is also looking for a share of the market with a recent announcement it will offer commission free trading on its platform.
It will also offer 15 cryptocurrencies for trading, something that could potentially upstage both Coinbase and Robinhood. The firm is backed by an Uber cofounder. Voyager will aggregate prices from various trading venues allowing customers the best prices. Voyager believes it will beat the average price of the coins at the time it executes the trades.