Galaxy Digital, a monetary providers firm specializing in institutional cryptocurrencies, on Monday introduced a platform for retail traders, placing it in direct competitors with platforms like Kraken and Robinhood, which provide each cryptocurrencies and inventory buying and selling.
The corporate mentioned in a press launch that the service, known as “GalaxyOne,” has a devoted cellular app and highlighted options it believes might chip away at an business dominated by a number of U.S. corporations, reminiscent of “premium” yields for accredited traders.
Galaxy goals to be a center floor between monetary establishments managing billions of {dollars} in property and particular person accounts with lower than $1,000 in property, mentioned Zach Prince, Galaxy's managing director. decryption.
“We're not essentially making an attempt to leap all the best way there, however we expect there's a really fascinating alternative and a compelling product set that we will construct for that 'accredited investor' profile,” he mentioned, pointing to Galaxy's popularity as a superb service supplier.
This premium yield product affords an 8% APY (Annual Share Yield), which is definitely solely accessible to accredited traders. In response to the SEC, this implies about 12.6% of Individuals are eligible. report Printed in June.
The platform additionally affords 4% APY by way of the identical limitless “GalaxyOne Money.” Galaxy says the product would require an FDIC-insured, high-yield money deposit account by way of banking providers offered by Cross River Financial institution.
That is totally different from accounts on cryptocurrency exchanges, which aren’t thought-about conventional financial savings accounts however could provide stablecoin rewards much like yield.
In some methods, the GalaxyOne has limitations that its rivals don't. The corporate says it solely affords buying and selling in three “blue-chip” digital property: Bitcoin, Ethereumand Solana. Galaxy says customers could have entry to 1000’s of U.S.-listed shares and exchange-traded funds by way of their commission-free brokerage accounts.
GalaxyOne stems from Galaxy's acquisition of retail-focused monetary utility Fierce final 12 months. Galaxy revealed it acquired the corporate for $12.5 million within the fourth quarter. monetary statements Filed with SEC.
