Public App Added Crypto Support For BTC, ETH And DOGE: Report

Robinhood’s rival Public App hast just added support for BTC, ETH, and DOGE as well as 10 other cryptocurrencies, being the latest financial platform go for it so let’s read more in our crypto news today.

The public app will allow users to buy and sell 10 cryptocurrencies to start and announced that it will add BTC, ETH, and DOGE joining the likes of Robinhood, Square, and other companies that are getting involved in crypto. Public raised over $300 million and was launched in 2019 with the goal of competing with Robinhood in attracting young investors. Just like Robinhood, it offers no commission trading and a mobile-first design but also includes the prominent social media element which encourages the users to share what they are buying or selling.

Today’s the day. Introducing: Crypto on Public.⚡

Learn more → https://t.co/5yT2CDcyUy pic.twitter.com/P9s749JyrY

— Public.com (@public) October 7, 2021

In the announcement, the Public app said that it will offer support for 10 digital currencies, Bitcoin, BTC Cash, Ethereum, Litecoin, Dash, Stellar, Ethereum Classic, Cardano, Zcash, and Dogecoin. Public users will be able to purchase or sell or even hold crypto and the company said in the future it will offer more features through the wallet which is something that crypto companies like Coinbase always offered but Robinhood recently unveiled. Public COO Stephen Sikes said in a statement:

“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.”

Public will rely on Apex Crypto to manage the back-end operations of the new digital currency operation but it is still unclear how the latest foray in crypto will do to the broader crypto market. Robinhood’s entry into the crypto space helped to boost the market by attracting most first-time buyers and especially fans of DOGE but Public’s user base is quite small compared to Robinhood, with 1 million customers as of February. The Public’s tactic of encouraging the users to share their trades with others was initially used by eToro and made it the perfect destination for various crypto tribes.
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The limited scope of the crypto offering will make it even harder for the company to challenge other players in the crypto space, as the director of product Mary Alexa Divver added:

“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.”