• Public.com, a stockbroker platform, has added a cryptocurrency trading feature

  • Except for users in the state of New York, the stock trading app is set to launch crypto trading.

    Public.com, a New York-based neo-brokerage firm, has announced the launch of crypto trading services for its customers.

    According to a statement released on Thursday, users will be able to trade and store cryptocurrencies on the same app that they use to manage their stock portfolios.

    The new crypto trading feature, according to the announcement, will be made available to users gradually over the next few weeks.

    Public’s crypto trading service includes support for Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE). Cardano (ADA), Litecoin (LTC), and Bitcoin Cash are among the other cryptocurrencies available (BCH).

    Stellar (XLM), Zcash (ZEC), Ethereum Classic (ETC), and Dash (DASH) round out the list of ten cryptos that Public will offer.

    The public crypto trading feature is provided in collaboration with Apex Crypto. Because the latter does not have a BitLicense in New York, the product will not be available to New York residents.

    According to reports, Apex Crypto will provide execution and custody services for Public’s new crypto trading product.

    The entry of Public into the crypto space could be part of the company’s plans to compete with major stock trading platform Robinhood.

    Public raised an additional $220 million in funding in February to reach the $1 billion valuation mark.

    Public, like Robinhood, offers zero-commission stock trading, but it also has a social media component that could capitalize on the emerging meme stock-fueled retail investment frenzy.

    In February, Public also abandoned the payment for order flow (PFOF) practice, which saw brokerage platforms route orders to market makers for trade execution rather than directly to exchanges.

    The practice has sparked significant debate and was a major talking point during the Gamestop saga earlier this year.

    If US regulators prohibit PFOF, Robinhood could lose a significant revenue stream.

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