Public.com, a New York-based neo-brokerage firm and stock trading app, has announced the start of crypto trading services for its clients.
Users will be able to trade and store cryptocurrencies on the same app that they use to manage their stock portfolios, according to a statement released by Public on Thursday.
The new crypto trading feature will be made available to customers over the following few weeks, according to the release.
Public will feature Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) as part of its crypto trading service (DOGE). Cardano (ADA), Litecoin (LTC), and Bitcoin Cash are among the other cryptocurrencies available (BCH).
The list of ten cryptos to be supplied by Public includes Stellar (XLM), Zcash (ZEC), Ethereum Classic (ETC), and Dash (DASH).
Apex Crypto is used in conjunction with Public’s crypto trading tool. The product will not be available to New York citizens because the latter does not have a BitLicense.
According to reports, Apex Crypto will supply execution and custody services for Public’s upcoming cryptocurrency trading platform.
Public’s entry into the crypto space could be part of the company’s strategy to compete with Robinhood, a prominent stock trading site. Public received an additional $220 million in fundraising in February, bringing its total worth to $1 billion.
Public, like Robinhood, offers no-commission stock trading, but it also has a social media component that might help it capitalize on the growing meme stock-fueled retail investment frenzy.
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 much debate, and it was a big talking point during the Gamestop saga earlier this year. As previously reported by Cointelegraph, if US regulators ban PFOF, Robinhood might lose a large revenue stream.