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Investment platform Public.com launches crypto trading

The investment platform operated by Public Holdings Inc. develops cryptocurrency transactions and participates in the following rivals:

Robinhood Market Ltd

In the field of digital currency.

This move marks the expansion of Public.com that began in 2019. Previously, individual investors using the platform could only trade US-listed stocks and exchange-traded funds.Unlike competitors, including Robin Hood, the company does not allow options Or margin trading, Two strategies that are considered to be more risky for investors.

From Thursday, Public.com will be Bitcoin, Ethereum, Joke cryptocurrency dogecoin When Cardano ada token.. Residents of New York are currently not eligible to trade digital assets, the company said. The service partner does not yet have the required license in the state.

Public.com’s services are offered when individual investors are flocking to cryptocurrencies, fascinated by the potential for significant return on investment. As of Wednesday at 5 pm ET, Bitcoin jumped to $ 54,903.22, recording more than 14% jump in four days. Altcoin or Bitcoin alternatives have also surged this year, with Dogecoin’s year-to-date revenues reaching nearly 4,900%.

“Cryptocurrencies have really attracted a new generation of investors as an asset class,” said Stephen Sikes, Chief Operating Officer of Public.com. “We also believe that including cryptography in our broadly diversified portfolio has some relevance.”

In the increasingly crowded retail investment space, Public.com is a small competitor to giants such as Robinhood and Fidelity Investments Inc. The company has more than 1 million members, 90% of whom are first-time investors. In February, the company announced funding to raise its valuation to $ 1.2 billion. Celebrities, including actor Will Smith, helped the company through his co-founded venture capital fund, Dreamers VC.

Public.com’s trading platform includes social features that allow users to follow other investors and share their ideas. The company has also made several decisions to protect investors. In addition to limiting options and margin trading, Public.com intervened during periods of instability.It temporarily restricted users from buying stock

Hertz Global Holdings Ltd

As a car rental company in 2020 Stock prices fluctuate dramatically..in the meantime Memestock rally Earlier this year, we added a safety label to the following stocks to warn users of potential financial losses:

GameStop Ltd

— What they did for other, more volatile investments.

The company has also ended its participation in the widespread but controversial practice of payments for four flows. Proponents of the practice say it allows free trading and allows retail investors to get better prices for their trading. Critics say it motivates brokers to encourage frequent transactions to maximize profits.

At the end of order flow payments earlier this year, Public.com instead introduced a model that allowed users the option of tipping to the company.

Public.com includes so-called volatility reminders on its cryptocurrency page, as cryptocurrencies can be a highly volatile asset class. Mary Alexa Divver, Product Director at Public.com, states that Public.com will also provide crypto-focused educational content on the platform.

Write to Caitlin McCabe at caitlin.mccabe@wsj.com

Bitcoin, Dogecoin, Tether: Cryptocurrency Market

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Investment platform Public.com launches crypto trading

Source link Investment platform Public.com launches crypto trading

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