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Investing Platform Public.com Launches Crypto Trading

China iTech Ghana
Friday, October 8, 2021 | views Last Updated 2021-10-08T03:03:46Z
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Public.com’s decision to offer cryptocurrency trading comes as individual investors are flocking to digital assets.


The investing platform operated by Public Holdings Inc. is rolling out cryptocurrency trading, joining rivals such as Robinhood Markets Inc. in the digital-currency space.


The move marks an expansion for Public.com, which launched in 2019. Previously, individual investors who used the platform could trade only U.S.-listed stocks and exchange-traded funds. Unlike competitors including Robinhood, the company doesn’t allow options or margin trading, two strategies considered more risky for investors.


Starting Thursday, Public.com will begin gradually launching the offering to most users, who will be able to buy, sell and hold 10 cryptocurrencies, including bitcoin, ether, joke cryptocurrency dogecoin and Cardano’s ada token. New York residents are currently ineligible to trade the digital assets, the company said, because its servicing partner doesn’t have the required license in the state yet.


Public.com’s offering comes as individual investors are flocking to cryptocurrencies, enticed by the potential for big investing gains. Bitcoin has surged recently, ending Thursday at $54,204.61 as of 5 p.m. ET, bringing its month-to-date gains to about 25% Altcoins, or alternatives to bitcoin, have also surged this year, with dogecoin’s year-to-date return surpassing 4,800%.

Cryptocurrencies have “really attracted a new generation of investors to it as an asset class,” Stephen Sikes, chief operating officer of Public.com, said. “We also think…there is some validity to including crypto within a broadly diversified portfolio.”


In the increasingly crowded retail-investing space, Public.com is a smaller competitor to giants such as Robinhood or Fidelity Investments Inc. The company says it has more


In the increasingly crowded retail-investing space, Public.com is a smaller competitor to giants such as Robinhood or Fidelity Investments Inc. 


The company says it 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. Celebrities including actor Will Smith, through Dreamers VC, the venture capital fund he co-founded, have backed the company.

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