Competitor Investing Platform to Robinhood Adds Crypto Trading Capabilities

Bitcoin gold cryptocurrency trading chart stock photo
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Investing platform 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.

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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.

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.

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“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.”

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The Wall Street Journal notes that 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

About the Author

Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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