Robinhood Rival Public Adds Crypto Including Bitcoin, Ethereum, Dogecoin
Public, a Robinhood-like app that has a strong social media component, is adding 10 cryptocurrencies.Public is the latest financial upstart to push into crypto.
It will let users buy and sell 10 cryptocurrencies to start.
Public, which has raised over $300 million, launched in 2019 with the aim of competing with Robinhood in attracting young and first-time investors.
Like Robinhood, it offers no-commission trading and a mobile-first design, but also includes a prominent social media element that encourages users to share what stocks they buy and sell.
In announcing its crypto plans, Public says it will initially offer 10 digital currencies: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Dash, Stellar, Cardano, Zcash, and Dogecoin.
Right now, Public users will only be able to buy, sell or hold crypto. The company plans to offer more crypto related features to keep up with exchanges like Coinbase and Robinhood.
"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," said Public COO Stephen Sikes in a statement.
The exchange will rely on a company called Apex crypto to manage the back-end operations.
"For years, the stock market was a complex and intimidating environment — and for many investors, crypto is an even more complex and intimidating concept to navigate," said Public's director or product, Mary Alexa Divver, who added the app's community-based design and education tools would make crypto more approachable.