How Robinhood Edged Coinbase In The Month Of August

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Robinhood is all about progress in and for the crypto community, and its users are very pleased with its work so far. Pioneering the reach out to most states for cryptocurrency trading in the United States has played off so far as it happens to be among the crypto traders in the US with the most users. Earlier this year the trading platform announced it was going to allow zero-fee trading for some cryptocurrencies in the US, after it had announced that it was extending it’s reach into Wisconsin and New Mexico. The platform headed by Vladamir Tenev, and Baiju Bhatt, have announced they are listing the Ethereum Classic cryptocurrency for trading starting this week.

According the announcement on Monday, August 6 by Robinhood Financial, the support of Ethereum Classic on the platform will be offered at $19.3378 + 1.65% so long as you were trading in one the 12+ eligible states in the US.

With authorities and regulators still in the grey area on the legality of cryptocurrencies, trading in them has become a very cautious path to thread. This is one of the major reasons why Robinhood had been doing its expansion on a state to state basis, trying to avoid any wrong move that could see to its banishment from the country. Among its supported coins at the moment at are the outcast Dogecoin, Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Aside the coins for trading, you can also track up to some fourteen coins on the platform in terms of their valuation or devaluation.

The Coinbase – Robinhood Rivalry Still Lives

Undoubtedly the two biggest and most popular crypto traders in the US, there just aren’t enough customers to go around for both the mouths of Coinbase and Robinhood. Their competition has been very much established over the past year as they both try to be the first to give something new and innovative to their users. Robinhood’s announcement of adding Ethereum Classic to its trading list was seen by many as a move to “usurp” Coinbase who had just announced that they were almost through with the technicalities involved in listing the Ethereum Classic cryptocurrency for trade.

The most notable defect in Coinbase’s move was that it was going to make this only available to its Pro and Prime users on the 7^th of August. Coinbase mentioned that

“We intend to allow 24–48 hours of transfers through Pro/Prime before opening the markets. In accordance with our Trading Rules, all ETC books will open in post-only for a minimum of 10 mins. Once sufficient liquidity is established, trading will then be enabled on Pro and Prime”

In the case of Robinhood, the new currency will be available to all its users – a move that will see it gain more people unto its side than Coinbase may be able to gain by the listing of Ethereum Classic.

Ethereum Classic’s value rose by a whopping 23% under just 24 hours of Coinbase’s announcement to list the cryptocurrency on its platform.

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