Brokerage Firm Public.com Starts Facilitating Cryptocurrency Trading
Public.com, a New York-based neo-brokerage firm, has announced the introduction of cryptocurrency trading facilities for its clients. According to a statement released on Thursday, customers will be able to buy, sell and hold cryptocurrencies on the same software that they utilize to handle their stock portfolios.
The novel cryptocurrency trading option, as per the release, will be made accessible to customers progressively over the following several weeks. Public’s cryptocurrency trading service includes backing for Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE). Cardano (ADA), Litecoin (LTC), and Bitcoin Cash are among the rest of the cryptocurrencies available (BCH).
Stellar (XLM), Zcash (ZEC), Ethereum Classic (ETC), and Dash (DASH) round out the list of ten crypto currencies that Public will provide. The public crypto trading function is provided in collaboration with Apex Crypto. Because the latter doesn’t even have a BitLicense in New York, the product will not be accessible to New York citizens.
According to reports, Apex Crypto will offer execution and custodial facilities for Public’s latest cryptocurrency trading product. The entry of Public into the crypto arena may be portion of the company’s ambitions to compete with big stock trading site Robinhood. Public raised an extra $220 million in financing in February to reach the $1 billion valuation threshold.
Public, like Robinhood, provides zero-commission stock trading, but it also has a social media aspect that may capitalize on the growing meme stock-fueled retail investing frenzy. In February, Public also abandoned the payment for order flow (PFOF) practice, which saw brokerage platforms route orders to market makers for trading activity rather than directly to exchanges.
The technique has sparked considerable debate and was a key discussion point during the Gamestop scandal earlier this year. Notably, if US authorities prohibit PFOF, Robinhood may lose a major income stream.