Public.com, a new brokerage company based in New York, has announced the launch of a cryptocurrency trading service for its clients. Stock
In a statement released Thursday, Public announced that users could trade and store cryptocurrencies in the same app that 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 its 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 cryptocurrencies offered by Public.
The public cryptocurrency trading feature is provided 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 plan to compete with the major Robinhood exchange.
In February, Public secured an additional $ 220 million in funding to surpass the $ 1 billion valuation mark.
Like Robinhood, Public offers commission-free stock trading, but has an additional social media component that could fuel the emerging stock-based retail investment craze.
Related: 6 million noobs bought coins from Robinhood Crypto in 2021
In February, Public also abolished Order Flow Payment (PFOF), which claimed broker platforms were passing orders to market makers to execute trades instead of sending them directly to exchanges.
This practice has generated considerable controversy and was a major talking point in Gamestop history earlier this year.
As previously reported by Cointelegraph, Robinhood could lose a significant revenue stream if US regulators ban PFOF.