Robinhood competitor Public adds cryptocurrency trading to its platform as digital assets rally
- Trading app Public.com will begin allowing users to trade 10 cryptocurrencies in the coming weeks.
- The digital assets include bitcoin, ether, dogecoin, litecoin, and cardano.
- Cryptocurrency trading has already been offered on competitors Robinhood and WeBull.
Users of trading app Public.com will soon be able to trade cryptocurrencies, a feature its competitors Robinhood and WeBull already provide.
Public will gradually offer trading in 10 digital assets - bitcoin, ether, cardano, dogecoin, litecoin, bitcoin cash, stellar, ethereum classic, dash, and zcash - over the next several weeks, the company said in a statement. Members can invest as little as a dollar.
Apex Crypto will provide execution and custody services for Public's new crypto-trading feature. New Yorkers, however, will not be able to trade digital assets in the app until Apex Crypto obtains its BitLicense in the state, said Public, which is "optimistic that crypto will be available to New York residents soon."
Public is releasing the new feature as cryptocurrencies have rallied this week, led by shiba inu and bitcoin. Bitcoin surged past $1 trillion market valuation as investors sought to hedge inflation with cryptocurrency. Shiba inu, the dogecoin spinoff, has rallied more than 300% in a week, thanks to a nudge from Elon Musk on Twitter.
"We're excited to offer crypto investing paired with the unique content, context, and community that our members love about Public," MaryAlexa Divver, Public's director of product, told Insider in an email.
Public, which launched in September 2019, has a much more visible social aspect compared to competitors like Robinhood and WeBull, Insider reported previously. In keeping with its slogan "Public makes the stock market social," the company launched a live audio feature, similar to that of the Clubhouse app, and has invited executives among others to chat. That feature will now include weekly sessions of "Crypto Club," which will provide news and information on the trending topic.