Stockbroker platform Public.com adds crypto trading feature
Public.com, a neo-brokerage outfit based in New York has announced the launch of crypto trading services for its customers.
In a statement issued on Thursday, Public revealed that users will be able to trade and store cryptocurrencies on the same app used for managing their stock portfolios.
According to the announcement, the new crypto trading feature will be made available to users gradually over the next few weeks.
As part of the crypto trading service, Public is offering support for Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE). Other cryptocurrencies offered include Cardano (ADA), Litecoin (LTC), and Bitcoin Cash (BCH).
Stellar (XLM), Zcash (ZEC), Ethereum Classic (ETC), and Dash (DASH) complete the list of 10 cryptos to be offered by Public.
Public’s crypto trading feature is offered in conjunction with Apex Crypto. Since the latter does not hold a BitLicense in New York, the product will not be available for residents in the state.
Apex Crypto will reportedly provide execution and custody services for Public’s new crypto trading product.
Public’s foray into the crypto space could be part of the company’s plans to rival major stock trading platform Robinhood.
Back in February, Public secured $220 million in additional funding to cross the $1 billion valuation mark.
Like Robinhood, Public also offers zero-commission stock trading but has an added social media component that could leverage the emerging meme stock-fuelled retail investment frenzy.
In February, Public also jettisoned the payment for order flow (PFOF) practice that sees brokerage platforms routing orders to market makers for trade execution rather than sending same straight to exchanges.
The practice has drawn significant controversy and was a major talking point during the Gamestop saga from earlier in the year.
As previously reported by Cointelegraph, Robinhood could lose a significant revenue channel if U.S. regulators ban PFOF.Source