Public.com, a New York-based neobrokerage company, has announced the launch crypto trading services to its customers.
Public announced Thursday that users will soon be able trade and store cryptocurrency on the same app that they use to manage stock portfolios.
The announcement states that the new feature for crypto trading will be available gradually over the coming weeks.
Public offers support for Bitcoin ( Bitcoin), Ether( Ethereum) and Dogecoin( DOGE) as part of its crypto trading service. Cardano ( ADA), Litecoin , and Bitcoin Cash are other cryptocurrencies available.
Stellar ( XLM), Zcash , Ethereum Classic ( ETCH) and Dash ( DASH ) are the remaining 10 cryptos that Public will offer.
Apex Crypto offers public crypto trading. The product is not available to residents of New York because the latter does not have a BitLicense.
Apex Crypto will provide execution and custody services to Public’s new cryptocurrency trading product.
Public’s venture into crypto could be part the company’s plan to challenge major stock trading platform Robinhood.
In February, Public secured 220 million additional funding to surpass the $1 billion valuation mark.
Public, like Robinhood offers zero-commission stock trades but also has a social media component that could be leveraged by the meme-fueled retail investment frenzy.
Public also canceled the payment for orders flow (PFOF), a practice in which brokerage platforms route orders to market makers to execute trades, rather than sending them directly to exchanges.
This practice has been controversial and was a key talking point in the Gamestop saga that took place earlier this year.
As previously reported in Cointelegraph Robinhood could lose an important revenue channel if the United States bans PFOF.
