Robinhood continues to be a serious thorn in the side for Coinbase and its ability to corner the US-based retail crypto client. Free trading, adding coins monthly, adding users as a massive clip, and doing it at an ever increasing valuation. All while Coinbase tries to keep up and announces new executives like newly listed tokens.
It is a legit rivalry and Robinhood has fully embraced it. Need proof? They just intentionally announced the listing of Ethereum Classic hours before Coinbase did as a provocative poke in the eye.
The efforts made by Robinhood to include ETC come in light of Coinbase’s similar announcements. Last week, Coinbase stated it was in the final stages of testing for the new cryptocurrency, reporting that ETC would be made available on August 7th.
**However, the announcement outlined that this new listing would only be accessible for users with Coinbase Pro and Coinbase Prime accounts and that ETC trading would not go into effect immediately.
Robinhood has been expanding its services on a state-by-state basis, gathering the necessary licensing to operate in each region. Earlier this year, the company started in four states; California, Massachusetts, Missouri, and Montana, later expanding to 19 with Georgia and Iowa joining most recently.
The trading platform has continued to increase the number of supported cryptocurrencies available to users. At present, Robinhood traders can work in Bitcoin $7100.80 +0.31%, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, and now Ethereum Classic.
The platform is also capable of tracking market data for 10 other cryptocurrencies — which suggests eventual integration into the platform. For now, users simply need to add these digital assets, which include Zcash, Stellar, and Moreno, to their watchlist.
The smaller, commission-free Robinhood has tried to maintain its competitive edge by introducing ETC trading before its competitor. It is important that the company continues to garner interest from crypto-buyers and traders.
In June, when Coinbase went public with its plans to support ETC, the value of ethereum classic rose 23% in less than 24 hours. At the time, it was unknown if the company would honor ETC credits to those who did not withdraw their tokens before Ethereum’s hardfork. Now the company has officially stated only those with Pro and Prime accounts will receive a credit since ethereum was not supported until after the fork.
All the while crypto enthusiasts enjoyed the rivalry ‘pump’ yesterday as $ETC bounced nearly 15% in one day. Any and all bagholders rejoiced and enjoyed the short-lived respite from a year-long alt-coin bear market. For just a day the crypto ‘salt’ subsided and crypto portfolios got a breather!