Public.com, a neo-brokerage outfit primarily based in New York has introduced the launch of crypto buying and selling providers for its prospects.
In an announcement 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 keeping with the announcement, the brand new crypto buying and selling function can be made obtainable to customers steadily 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 provided embody Cardano (ADA), Litecoin (LTC), and Bitcoin Money (BCH).
Public’s crypto buying and selling function is obtainable along with Apex Crypto. For the reason that latter doesn’t maintain a BitLicense in New York, the product is not going to be obtainable 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 major stock trading 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 part that might leverage the rising meme stock-fuelled retail funding frenzy.
In February, Public additionally jettisoned the cost for order circulation (PFOF) observe that sees brokerage platforms routing orders to market makers for commerce execution moderately than sending identical straight to exchanges.
The observe has drawn important controversy and was a serious speaking level through the Gamestop saga from earlier within the yr.
As previously reported by Cointelegraph, Robinhood might lose a major income channel if United States regulators ban PFOF.