Competitor Investing Platform to Robinhood Adds Crypto Trading Capabilities
Investing platform Public.com announced today it added cryptos, an offering that “will be rolled out to eligible members gradually over the next several weeks,” according to an announcement. The platform’s investors include Will Smith, NFL star J.J. Watt, Tony Hawk and The Chainsmokers.
“Crypto is gaining momentum as a compelling asset class for millions of investors. A study fielded earlier this year found that as many as 13% of Americans have traded cryptocurrency in 2021 — and outside that group, many more are curious about learning more as they build a modern, diversified portfolio,” the platform said in a blog post posted to Twitter.
Today’s the day. Introducing: Crypto on Public.
— Public.com (@public) October 7, 2021
Members will be able to buy, sell, and hold crypto assets in the same app they use to manage their stock market portfolios. There are 10 cryptos available on the platform, including Bitcoin, Ether, Cardano, Dogecoin, Litecoin, Bitcoin Cash, Stellar, Ethereum Classic, Dash and Zcash, according to the post.
“All our members can find the cryptos we offer via the Explore tab and will be able to see relevant information about each, add to Watchlist, and invest with as little as $1 when the feature is available to them,” the company said.
The platform also added what it calls “volatility reminders” to the crypto pages, “to ensure our members can make their own decisions with context. The prices of cryptos can be volatile in the short term and tend to follow different patterns than stock market securities,” the statement continued.
Public says it is the investing social network “where members can own fractional shares of stocks and ETFs, follow popular creators, and share ideas within a community of investors.”
The Wall Street Journal notes that Public.com is a smaller competitor to giants such as Robinhood or Fidelity Investments, as the company has more than 1 million members, of which 90% are first-time investors. In February, the company announced a fund raise that pushed its valuation to $1.2 billion, WSJ reported.
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Last updated: October 7, 2021