A neo-brokerage outfit based in New York platform Public.com added the ability to trade cryptocurrencies. According to a statement released on Thursday, users will be able to trade and store cryptocurrencies on the same app that they use to manage their stock portfolios.
Previously, individual investors on Public.com could only trade US-registered stocks and exchange-traded funds. Now the platform has given them access to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Dogecoin (DOGE), Litecoin (LTC), Stellar (XLM), Zcash (ZEC), Cardano (ADA) and Dash (DASH).
The minimum investment amount is $1.
The service was implemented in partnership with Apex Crypto. Because the latter does not have a BitLicense in New York, the product will not be available to New York residents. It’s a subsidiary of Apex Clearing, which provided transaction execution and custodial services.
Users can buy and sell, as well as hold digital assets without commissions. But individual wallets are not provided to them.
Public.com has been operating since 2019. In February 2021, the company closed a $220 million funding round with an estimated $1.2 billion.
The ability to trade cryptocurrencies
Recall that Public.com’s competitor, Robinhood platform, added the ability to trade cryptocurrencies in 2018.
“We strive to ensure that the platform is simply break-even, and we do not plan to make any profit in the foreseeable future. The main task of Robinhood Crypto is to increase the user base and improve the quality of services provided”. Said Vlad Tenev, Chief Executive Officer and co-founder of Robinhood.
Earlier in September 2021, Robinhood began testing a wallet for digital assets. Moreover, the deployment of this functionality for all customers is scheduled to be completed in 2022. Crypto wallets assume the presence of security features such as identity verification, email and phone, as well as multi-factor authentication.