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. 

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