Public.com, a new brokerage company headquartered in New York, announced the launch of encrypted trading services for its clients.
In a statement released on Thursday, Public revealed that users will be able to trade and store cryptocurrencies on the same application used to manage their stock portfolios.
According to the announcement, new encrypted trading functions will be gradually provided to users in the next few weeks.
As part of the encrypted transaction service, Public is Bitcoin (Bitcoin), ether (Ethereum) And Dogecoin (dog). Other cryptocurrencies offered include Cardano (Have), Litecoin (LTC) And Bitcoin Cash (Bitcoin cash).
Public’s encrypted transaction function is provided together with Apex Crypto. Since the latter does not have a BitLicense in New York, residents of that state will not be able to use the product.
According to reports, Apex Crypto will provide execution and custody services for Public’s new encrypted trading products.
The public’s entry into the crypto space may be part of the company’s plan Competitor’s main stock trading platform Robinhood.
As early as February, public Guaranteed Additional funds of 220 million US dollars to break through the 1 billion US dollars valuation mark.
Like Robinhood, Public also offers zero-commission stock trading, but adds a social media component that can take advantage of the retail investment frenzy promoted by emerging meme stocks.
In February, Public also abandoned the order flow payment (PFOF) practice, which means that the brokerage platform sends orders to market makers for trade execution instead of sending orders directly to exchanges.
This approach caused significant controversy and was a major topic during the Gamesstop legend earlier this year.
As Cointelegraph previously reportedIf US regulators ban PFOF, Robinhood may lose an important revenue channel.