Investing platform Public, with over 1 million users, is rolling out cryptocurrency trading. “Crypto is gaining momentum as a compelling asset class for millions of investors,” the company said.
Public Launches Cryptocurrency Trading
Investing platform Public describes itself as “the investing social network where members can own fractional shares of stocks and ETFs [exchange-traded funds], follow popular creators, and share ideas within a community of investors.” The company announced Thursday:
Today, we’re adding crypto on Public. Members will be able to buy, sell, and hold crypto assets in the same app they use to manage their stock market portfolios.
“Members can now explore ten cryptos in the app: bitcoin (BTC), ether (ETH), cardano (ADA), dogecoin (DOGE), litecoin (LTC), bitcoin cash (BCH), stellar (XLM), ethereum classic (ETC), dash (DASH), and zcash (ZEC),” the company detailed. “The offering will be rolled out to eligible members gradually over the next several weeks.” Users on Public can invest with as little as $1 when the feature is available to them.
The company said it has more than 1 million members, 90% of whom are first-time investors. After a fundraising round in February, the company’s valuation reportedly rose to $1.2 billion. Actor Will Smith is among the investors of the company. Public competes with platforms like Robinhood but is much smaller.
Trading of cryptocurrencies on Public is powered by Apex Crypto, which provides cryptocurrency execution and custody services. Apex Crypto currently does not have a Bitlicense so Public’s new crypto feature will not be immediately available to residents of New York.
Furthermore, Public currently does not provide a crypto wallet but said it is working toward offering one in the future. The investment company wrote:
Crypto is gaining momentum as a compelling asset class for millions of investors.
What do you think about Public offering trading in cryptocurrencies? Let us know in the comments section below.