Public.com Now Enters Crypto Trading Services To Its Customers
JAKARTA - Public.com, a New York-based neo-brokerage agency has announced the launch of a crypto trading service for its customers.
In a statement issued on Thursday, October 7, Public revealed that users will be able to trade and store cryptocurrencies on the same app they use to manage their stock portfolio.
According to the announcement, the new crypto trading features will be gradually available to users over the next few weeks.
As part of its crypto trading service, Public offers support for Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE). Other cryptocurrencies on offer include Cardano (ADA), Litecoin (LTC), and Bitcoin Cash (BCH).
Stellar (XLM), Zcash (ZEC), Ethereum Classic (ETC), and Dash (DASH) also complete the list of 10 cryptos that will be offered by the Public.
Crypto trading feature in Public, offered together with Apex Crypto. Since the latter does not have a BitLicense in New York, the product will not be available to residents in the state.
Apex Crypto will reportedly provide execution and storage services for Public's new crypto trading product.
The Public's entry into the crypto space could be part of the company's plans to rival major stock trading platform Robinhood.
Back in February, Public raised $220 million in additional funding to cross the $1 billion valuation.
Like Robinhood, Public also offers commission-free stock trading but has an added social media component that can take advantage of the emerging meme-fueled retail investment frenzy.
In February, Public also ditched the practice of paying for order flow (PFOF) which sees brokerage platforms directing orders to market makers for trade execution rather than sending them directly to exchanges.
This exercise has generated significant controversy and has been a major talking point during the Gamestop saga from the start of the year.
As previously reported by Cointelegraph, Robinhood could lose a significant revenue channel if United States regulators ban PFOF.