Public.com, a neo-brokerage outfit based mostly in New York has introduced the launch of crypto buying and selling providers for its clients.
In a press release issued on Thursday, Public revealed that customers will have the ability to commerce and retailer cryptocurrencies on the identical app they use to handle their inventory portfolios.
In accordance with the announcement, the brand new crypto buying and selling characteristic might be made out there to customers step by step over the subsequent few weeks.
As a part of the crypto buying and selling service, Public is providing help for Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE). Different cryptocurrencies supplied embody Cardano (ADA), Litecoin (LTC), and Bitcoin Money (BCH).
Stellar (XLM), Zcash (ZEC), Ethereum Traditional (ETC), and Sprint (DASH) full the checklist of 10 cryptos to be supplied by Public.
Public’s crypto buying and selling characteristic is obtainable together with Apex Crypto. For the reason that latter doesn’t maintain a BitLicense in New York, the product is not going to be out there for residents within the state.
Apex Crypto will reportedly present execution and custody providers for Public’s new crypto buying and selling product.
Public’s foray into the crypto area may very well be a part of the corporate’s plans to rival main inventory buying and selling platform Robinhood.
Again in February, Public secured $220 million in further funding to cross the $1 billion valuation mark.
Like Robinhood, Public additionally provides zero-commission inventory buying and selling however has an added social media element that might leverage the rising meme stock-fuelled retail funding frenzy.
Associated: 6M noobs have purchased cash on Robinhood Crypto already in 2021
In February, Public additionally jettisoned the fee for order circulation (PFOF) follow that sees brokerage platforms routing orders to market makers for commerce execution reasonably than sending identical straight to exchanges.
The follow has drawn vital controversy and was a serious speaking level through the Gamestop saga from earlier within the yr.
As beforehand reported by Cointelegraph, Robinhood may lose a major income channel if United States regulators ban PFOF.