Thursday, May 26, 2022

Stockbroker platform Public.com adds crypto trading feature

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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 a press release 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 response to the announcement, the brand new crypto buying and selling characteristic can be made accessible to customers progressively 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).

Stellar (XLM), Zcash (ZEC), Ethereum Traditional (ETC), and Sprint (DASH) full the listing of 10 cryptos to be provided by Public.

Public’s crypto buying and selling characteristic is obtainable along side Apex Crypto. Because the latter doesn’t maintain a BitLicense in New York, the product is not going to be accessible 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 would leverage the rising meme stock-fuelled retail funding frenzy.

Associated: 6M noobs have bought coins on Robinhood Crypto already in 2021

In February, Public additionally jettisoned the cost for order circulate (PFOF) follow that sees brokerage platforms routing orders to market makers for commerce execution fairly than sending identical straight to exchanges.

The follow has drawn vital 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.