Cryptocurrency is making its latest push into the mainstream as New York-based brokerage Public.com lists multiple digital assets for trade.
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What Happened: According to a Thursday announcement, Public now offers Dogecoin DOGE/USD, Bitcoin BTC/USD, Ethereum ETH/USD, Cardano ADA/USD, Litecoin LTC/USD, Bitcoin Cash BCH/USD, Stellar XLM/USD, Ethereum Classic ETC/USD, Dash DASH/USD and ZCash ZEC/USD trading.
The crypto trading features will be rolled out gradually over the next few weeks.
Public's crypto trading features are powered by partner firm Apex Crypto. Since the latter firm does not hold a BitLicense in New York, cryptocurrency trading features will not be available in the Empire State. Apex is tasked with both crypto custody and trade execution.
Public is a new trading app and adding cryptocurrency support may be an attempt to take on retail-driven trading behemoth Robinhood.
In mid-February, Public.com raised $220 million in a Series D funding round, bringing the total funding to date to $310 million and taking the company's valuation to $1.2 billion.
Public also abandoned the controversial payment for order flow practice that attracted criticism to Robinhood for potentially giving its users less-than-optimal trade prices.
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“Crypto is gaining momentum as a compelling asset class for millions of investors," said MaryAlexa Divver, director of product, Public.com. "For years, the stock market was a complex and intimidating environment — and for many investors, crypto is an even more complex and intimidating concept to navigate. We’re excited to now offer crypto investing paired with the unique content, context, and community they already love about Public.com, as they continue to build their modern, diversified portfolios.”
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