Stock-trading app Public revealed on Thursday that it will be adding crypto buying and selling features becoming a direct competitor to Robinhood, the Vlad Tenev-owned giant that became popular around the Gamestop stock rally.
Public has been able to accumulate more than $300m through funding rounds since it launched in 2019 and has been aiming at Robinhood from the very start.
Public has made sure to position itself in a market that allows it to target younger demographics who are much more inclined to pursue crypto investment.
This is a big shift from its traditional bastion which focuses on US stocks and ETFs. According to Public, the company will be able to feature a number of popular cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Dash, Stellar, Cardano, Zcash, and Dogecoin, but not Shiba Inu.
Public will focus on enabling consumers to buy, sell or hold whereas Robinhood is already planning to allow consumers to move their crypto off-platform.
Public COO Stephen Sikes said: “We are focused on the investing use case and potential for crypto and its potential to be part of a healthy, diversified, long-term portfolio.”
It would be interesting to see if Public’s entry into crypto will give the market a boost. For example, Robinhood’s entry added value and effectively spearheaded Dogecoin’s growth, promoting the currency to thousands of maverick young investors-in-the-making.
Public has a trading function that allows it to share trades with other consumers similar to eToro a popular trading platform in Europe that allows you to copy what a peer is doing.
The introduction of Public to crypto is expected to be a good thing for the sector. If you are keen to explore crypto, you can do so at Bitcasino, 1xBit or FortuneJack.