Neobrokerage firm rolls out crypto trading tools

Quick Take

  • The $1.2 billion neobroker is the latest in a string of fintech firms to branch out into crypto.
  • It will support ten cryptocurrencies at launch, including the meme-based token dogecoin.

New York-based neobroker is launching crypto trading tools, becoming the latest in a growing number of fintech firms to have made the move, according to a report in the Wall Street Journal. 

The stock trading startup, which was valued at $1.2 billion earlier this year, will now support trading in bitcoin, bitcoin cash, ether, ethereum classic, dogecoin, litecoin, stellar, zcash, cardano and dash, according to a press release.

More than three quarters of investors who entered financial markets via meme stocks, such as dogecoin, went on to diversify their portfolios, according to a recent survey.

Apex Crypto, an affiliate of Apex Clearing, is handling execution and custody services for the new crypto trading tool. 

The crypto bandwagon

A wide array of fintech firms from neobrokers to neobanks have rolled out crypto trading tools this year.

The Block reported in February that Plum and Freetrade, two United Kingdom-based investment apps, were hiring crypto experts to expand their offerings. In the same month, on the other side of the pond, mobile banking app MoneyLion announced plans for a new suite of crypto products. In April, German neobroker Trade Republic officially entered the crypto market, followed by the neobank N26 in July.

Launched in 2019, has raised more than $310 million to date from investors including Tiger Global Management, Accel and Lakestar. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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May 5, 2022, 3:17PM UTC