Public.com, a new brokerage firm in New York, has announced the launch of cryptocurrency trading services for its clients.
In a statement released on Thursday, Public was told that users will be able to trade and store cryptocurrencies in the same app they use to manage stock portfolios.
According to the announcement, the new cryptocurrency trading function will gradually be rolled out to users over the next few weeks.
As part of its cryptocurrency trading service, Public offers support for Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE). Other cryptocurrencies offered include Cardano (ADA), Litecoin (LTC) and Bitcoin Cash (BCH).
Stellar (XLM), Zcash (ZEC), Ethereum Classic (ETC) and Dash (DASH) round out the list of 10 cryptocurrencies offered by Public.
A general cryptocurrency trading feature is offered along with Apex Crypto. Since the latter does not have a BitLicense in New York, the product will not be available to residents of the state.
It is reported that Apex Crypto will offer execution and storage services for a new versatile cryptocurrency trading product.
The public’s entry into the cryptocurrency market may be part of the company’s plans to create competition with the major equity platform Robinhood.
The public received another $ 220 million in funding in February last year to squeeze $ 1 billion.
Like Robinhood, Public also offers commission-free stock trading, but it has a social media plugin that can take advantage of memes that drive private investment habits.
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In February, Public also dropped the Pay for Order Flow (PFOF) practice, where brokerage platforms send orders to market makers to execute trades, instead of sending them directly to exchanges.
This practice caused serious controversy and became a major topic of conversation during the Gamestop saga earlier this year.
As Cointelegraph previously reported, Robinhood could lose a significant revenue channel if US regulators ban PFOF.