Galaxy Digital’s Stock Jumps by More than 7% As Crypto Financial Services Giant Rolls Out All-in-One Trading App to Compete with Robinhood
The crypto financial services giant Galaxy Digital is now in direct competition with the retail trading powerhouse Robinhood.
On Monday, Mike Novogratz’s firm rolled out “GalaxyOne,” a new all-in-one platform that offers individual investors crypto and equities trading and yields on cash.
Galaxy notes that accredited investors can access 8.00% Annual Percentage Yield (APY) through a “Premium Yield” product, while all investors can earn 4.00% APY on cash deposits.
The new platform supports more than 2,000 stocks and exchange-traded funds (ETFs), as well as Bitcoin ( BTC ), Ethereum ( ETH ), Solana ( SOL ) and PAX Gold ( PAXG ), an Ethereum-based token backed by physical gold and issued by blockchain infrastructure platform Paxos.
Zac Prince, the head of GalaxyOne, says the platform also plans to add business accounts and crypto staking in the future.
“For too long, individual investors have been stuck with fragmented, underpowered tools. They’ve been offered checking accounts that barely pay interest. Trading platforms with no connection to the rest of their financial lives. So-called all-in-one apps that promise integration but deliver silos, over-gamification, and unnecessary market noise. That’s the gap we aim to close.”
Galaxy Digital’s stock, GLXY, is up 7.58% on Monday at time of writing. The stock is also up 13.64% in the past five days and more than 60% in the past month.
Featured Image: Shutterstock/Space creator/Natalia Siiatovskaia
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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