- Public.com will now allow more than one million retail investors to buy, sell and hold Bitcoin.
- Founded in 2019, Neobroker will add BTC and nine other cryptocurrencies to its list of investment vehicle offers, adding US stocks and ETFs.
- It is unclear how Bitcoin custody will work for investors, but the feature will not allow withdrawal, effectively acting as an IOU.
Public.com, an investment platform operated by Public Holdings Inc., is launching Bitcoin trading for its more than one million customers. The Wall Street Journal Retail investors using the report platform are now able to trade US stocks and exchange-traded funds (ETFs) as well as gain indirect bitcoin exposure.
Stephen Sykes, chief operating officer at Public.com, said cryptocurrency “has really attracted a new generation of investors as an asset class.” “We also think … there is some legitimacy to include crypto in a wide variety of portfolios.”
Feature The new feature will be introduced gradually from October, for most public dot com users who can now buy, sell and hold Bitcoin and nine other cryptocurrencies. But New York residents may not be able to enjoy the new feature at first because the firm’s servicing partner “does not yet have the required license in the state.” WSJ.
Public.com launched in 2019, which allows individual investors to trade U.S. stocks and ETFs, in contrast to the competitive major retail investing platform Robinhood, which offers customers options and margin trading vehicles.
Another aspect that sets competing companies apart is their participation in paying for order flows – “Sending customer orders to high-speed trading firms in exchange for payments is a common practice among brokerage firms,” the report said. Payment for order flow allows brokers to do commission-free trading but encourages high-frequency trading to increase revenue.
Public.com incorporates social features into its platform that bring together investors to share ideas and follow each other. Mary Alexa Devver, product director at Public.com, said WSJ That investment platform will provide customers with educational content on Bitcoin and cryptocurrency.