Robinhood’s rival public app, which only supports BTC, ETH, and DOGE, as well as 10 other cryptocurrencies, is the latest financial platform for it, so keep reading our crypto news today.
The public app will allow users to buy and sell 10 cryptocurrencies as of now and has announced it will add BTC, ETH and DOGE along with Robinhood, Square and other companies getting into crypto. Public raised over $ 300 million and was founded in 2019 with the aim of competing with Robinhood in attracting young investors. Just like Robinhood, it doesn’t offer commission trading and a mobile-first design, but it also includes a prominent social media element that encourages users to share what they are buying or selling.
Today is. About: Crypto in Public.
Learn more → https://t.co/5yT2CDcyUy pic.twitter.com/P9s749JyrY
– Public.com (@public) October 7, 2021
In the announcement, the public app said it will support 10 cryptocurrencies, Bitcoin, BTC Cash, Ethereum, Litecoin, Dash, Stellar, Ethereum Classic, Cardano, Zcash and Dogecoin. Public users will be able to buy or sell, or even hold, crypto, and the company says it will offer more functionality through wallets in the future, which is what crypto companies like Coinbase always do, but Robinhood recently revealed. Public COO Stephen Sikes said in a statement:
“We focus on the use case and potential of cryptocurrency for investment and its potential to be part of a healthy, diversified and long-term portfolio.”
The public will rely on Apex Crypto to manage the back-end operations of the new digital currency operation, but it remains unclear how the latest foray into cryptocurrencies for the crypto market will play out. Robinhood’s entry into the crypto space has helped boost the market by attracting mostly first-time buyers and especially DOGE fans, but Public’s user base is quite small compared to Robinhood of 1 million customers in February. The public’s tactic of motivating users to share their trades with others was originally used by eToro and made it the perfect target for various crypto tribes. The limited crypto supply will make it harder for the company to challenge other players in the crypto space, product manager Mary Alexa Divver added:
“The stock market has been a complex and intimidating environment for many years – and for many investors, cryptocurrency is an even more complex and intimidating concept to navigate.”
DC Forecasts is a leader in many crypto news categories, always striving for the highest journalistic standards and adhering to strict editorial guidelines. If you would like to share your expertise or contribute to our news page, please contact us at [email protected]