Digital Assets: Public.com Launches Crypto Trading
Public.com members can now buy, sell, and hold crypto assets in the same app they use to manage stocks.
Public.com, the stock trading app, social network, and rival to Robinhood (NASDAQ: HOOD), has added functionality to trade bitcoin, ether, cardano, dogecoin, litecoin, bitcoin cash, stellar, ethereum classic, dash, and zcash on its app. (Medium)
Rationale for crypto
“Crypto is gaining momentum as a compelling asset class for millions of investors,” observed Public in a blog announcing the move to add crypto trading.
Speaking to the WSJ, Stephen Sikes, chief operating officer of Public.com, said: Cryptocurrencies have “really attracted a new generation of investors to it as an asset class…we also think…there is some validity to including crypto within a broadly diversified portfolio.”
Feature not available in New York
Public’s crypto trading feature will not, however, be available in New York because Apex Crypto, Public’s crypto trading and custody partner, does not have a license in that state.
In February, Public raised $220 million in Series D funding from existing investors Accel, Greycroft, and Lakestar, as well as Intuition Capital, Tiger Global, The Chainsmokers’ Mantis VC, Will Smith’s Dreamers VC, Inspired Capital, Aglae Ventures, and YouTube legend Phil DeFranco.
The round valued Public at $1.2 billion.
Related Story: Interactive Brokers Offers Low-Fee Crypto Trading
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