It looks like crypto is slowly making its way into the mainstream for retail investors to try out. That’s because Public.com, the brokerage based in New York, has listed various digital assets to trade. On Thursday, the Public announced that they would be offering trading services for various cryptocurrencies. These include flagship crypto Bitcoin, second-largest crypto Ethereum, and popular memecoin Dogecoin.
Of course, if you have a taste for altcoins, Public.com offers those too. Traders will also find cryptocurrencies like Cardano, Bitcoin Cash, Litecoin, Dash, Stellar, ZCash, and Ethereum Classic. Over the upcoming weeks, the platform will roll out its crypto trading features.
You might be wondering where Public got the backing for such features. These are powered by Apex Crypto, which are a partner firm. Since Apex Crypto doesn’t have a BitLicense in New York, the feature to trade crypto won’t be available in the state. Apex Crypto has to look after trade execution and crypto custody.
Considering that Public is an up-and-coming trading app, adding the crypto feature makes it more competitive. This way, it will be able to take on their rival, Robinhood, which are a major trading company.
Around Friday, Public conducted a Series D funding round and succeeded at collecting a massive $220 million. Altogether, the platform has secured $310 million, which skyrockets the company’s valuation to over a billion dollars.
To give themselves an edge over competitors, Public announced they would no longer use the payment for flow practice. It was a notorious practice that Robinhood implemented and got immense criticism for. It was widely unpopular among traders because it gave them below-adequate trade prices.
The Director of Product for Public.com, MaryAlex Divver, explained the best part about launching at this time. She said that for millions of investors, crypto is gaining popularity as a viable investment opportunity.
She explains that the stock market was the most complex environment. Now, crypto is one such complex concept for investors. She said that the platform is looking forward to offering crypto trading as well as engaging content. For users, the content and context of Public.com are familiar things that they love about the community. These offer them a comfortable environment to network with other traders as they build their own stronger portfolios.
According to Public, users can rely on the platform to hold, sell, and buy crypto assets. Since Public is already used as a way to manage stock market portfolios, it’s a great way to manage all their assets. Over the next couple of weeks, eligible members will get access to the offering over the next few weeks.
Members can look at the offered cryptos through the explore tab. It also allows them to see important information about each one.
