Commission-Free Trading App Robinhood Crypto Now Support Ethereum Classic (ETC)

Siamak Masnavi

On Monday (6 August 2018), Californian FinTech startup Robinhood, announced, via its blog and Twitter account, that its "Robinhood Crypto" platform now offered trading support for a sixth cryptocurrency: Ethereum Classic (ETC). This is the tweet the company sent out to announce the news:

This move comes exactly three weeks after the company announced support for Dogecoin (DOGE), and it means that you can now invest in Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and Ethereum Classic, as well as track market data for 10 other cryptocurrencies. 

Robinhood Crypto is currently available in 19 states, but Robinhood seems to be rapidly accumulating the state licenses it needs to offer the service in the remaining states.

On 11 June 2018, Coinbase announced that it was working on adding support for Ethereum Classic. At the time, it said that the work would take a few months. Then, on 3 August 2018, Coinbase said that final testing would be completed by Tuesday, August 7, at which point it would announce its readiness to "accept inbound transfers of ETC". No doubt, Robinhood, which is a strong competitor to Coinbase in the U.S. market, must have decided step up its development effort for adding ETC so that it could have its support ready before Coinbase.

During the past two months, Ethereum Classic has been one of the best performing cryptocurrencies:

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According to CryptoCompare, on 10 June 2018, ETC closed around $12.56, and at press time, it is trading around $17.48, up 6.45% in the past 24-hour period. Between June 10th and August 6th, it has gone up over 39%. And today's news by Robinhood is likely to add to ETC's strong momentum.

 

Featured Image Credit: Courtesy of Robinhood

Data Shows Hodlers Outperform Traders, Binance CEO Says

  • Binance CEO Changpeng "CZ" Zhao claims long-term cryptocurrency holders outperform traders.
  • Zhao said the crypto markets are still in their "early game" and that traders in 2025 will wish they had invested earlier. 

Binance chief executive officer Changpeng “CZ” Zhao has said that data shows long-term crypto holders outperform short-term traders.

In a series of tweets published May 24, CZ pointed out the irony of investors believing they got into cryptocurrency “too late” relative to the market, including himself. According to the exchange CEO, traders five years from now will likely be expressing a similar sentiment. 

CZ continued, explaining that he was initially envious of crypto investors who had been in the market since 2010 or 2011, despite being an early adopter himself. 

In response to a tweet asking whether “holding” is good financial advice, Binance’s chief executive revealed that data shows long-term crypto investors outperform traders. CZ commented on the difficulty of holding assets for a long period of time, which he called “passive” relative to the more active position of trading. 

Featured Image Credit: Photo via Pixabay.com