Ethereum Classic [ETC] prices shoot up as Robinhood lists ETC for trading
Robinhood, a zero-fee crypto trading platform, has just listed Ethereum Classic [ETC] on its platform. The addition to Robinhood is yet another bright spot for the virtual currency, which has been gaining since crypto exchange Coinbase’s announcement that it had reached the last stage of testing the coin to add it on its platform.
You can now invest in Ethereum Classic on Robinhood Crypto, commission-free. https://t.co/PAidMUpbYq
— Robinhood (@RobinhoodApp) August 6, 2018
Robinhood was first set up in February, when it first offered the top two cryptocurrencies – Bitcoin [BTC] and Ethereum [ETH]. Apart from these virtual currencies, the platform also supports trading for Bitcoin Cash [BCH], Dogecoin [DOGE] and Litecoin [LTC].
Robinhood also supports real-time market data for ten other cryptocurrencies including Bitcoin Gold [BTG], Monero [XMR], Ripple’s XRP and Stellar [XLM].
According to Robinhood’s official website, the platform has plans in place to support trading of other virtual currencies. But the company has highlighted the fact that even though platform supports real-time market data for certain cryptocurrencies, this may not necessarily mean that the platform will support trading for these coins.
Robinhood – secure platform for crypto traders
The platform has gained popularity because of its strong encryption and the fact that the funds of its traders are protected.
Robinhood is a member of Securities Investor Protection Corporation (SIPC), which is a non-profit member-funded body tasked with protecting investors against the loss of cash and securities if an SIPC-member brokerage firm when it is being liquidated.
Since the platform is an SIPC member, securities of traders using Robinhood are protected, up to a limit of $500,000.
Currently, the platform is available in 19 states within the U.S., and the company plans to expand to other states in the days to come.
ETC coin on the rise
Investors seem to view this development as a positive, clearly evidenced by the coin’s performance on Monday. The digital asset has been on an uptrend, but seems to have spiked higher soon after the announcement was made.
As of 2010 GMT, the virtual currency was up 5.4 percent against the U.S. dollar, trading at $18.31. In the last week alone, ETC has seen its value rise around 7.5 percent.
According to CoinMarketCap, the digital coin is the 12th most valuable cryptocurrency, with a market cap of close to $1.90 billion.