Stockbroker platform Public.com provides crypto buying and selling function
Public.com, a neo brokerage company based in New York, has announced the launch of crypto trading services for its clients.
In a statement released Thursday, Public announced that users could trade and store cryptocurrencies in the same app they use to manage their stock portfolios.
According to the announcement, the new crypto trading function will gradually be made available to users over the next few weeks.
As part of the crypto trading service, Public offers support for Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE). Other cryptocurrencies offered are Cardano (ADA), Litecoin (LTC) and Bitcoin Cash (BCH).
Stellar (XLM), Zcash (ZEC), Ethereum Classic (ETC) and Dash (DASH) complete the list of 10 cryptos offered by Public.
Public’s crypto trading function is offered in conjunction with Apex Crypto. Since the latter does not own a BitLicense in New York, the product will not be available to residents of the state.
Apex Crypto will reportedly provide execution and custody services for Public’s new crypto trading product.
The public’s foray into the crypto space could be part of the company’s plans to compete with major stock trading platform Robinhood.
In February, Public secured an additional $ 220 million in funding to exceed the $ 1 billion valuation threshold.
Like Robinhood, Public offers commission-free stock trading, but has an additional social media component that could capitalize on the emerging meme stock-driven retail investment craze.
Related: 6 million noobs have already bought coins on Robinhood Crypto in 2021
In February, Public also abandoned the PFOF (Payment for Order Flow) practice, in which broker platforms forward orders to market makers for trade execution instead of sending them directly to the exchanges.
The practice has generated considerable controversy and was a major talking point during the Gamestop saga earlier this year.
As previously reported by Cointelegraph, Robinhood could lose a significant revenue stream if US regulators ban PFOF.