Shares of Galaxy Digital rose 8% in the Premarket trading on Monday as the company rolled Galaxyone, a mobile and web platform built to give retail investors access to a mixture of cash, crypto and stock investment tools, with dividends in the core.
The app gives users access to FDIC-insured cash accounts with high dividends, crypto trading and US shares and stock-traded funds (ETFs), announced the company in a press release. Galaxy says it offers 4% annual return on regular cash deposits and up to 8% for accredited investors through its Galaxy Premium yield product. Both rates are run by the company’s institutional lending business, which manages a loan book of more than $ 1.1 billion.
In addition to passive yield, Galaxyon users can act across digital assets like Bitcoin ether and Solana as well as shares listed on larger US stock exchanges. Galaxy also offers automated reinvestment of earnings in crypto or cash for the purpose of simplifying composite discharge, the company says.
The launch puts Galaxy in direct competition with Robinhood (HOOD) and Coinbase (Coin), two of the dominant players among digital first retailers in the US have both launched new services in year-inclusive crypto efforts, margin trading and retirement accounts they try to lock more users and increase S.
Hood and Coin both trade at approx. 2% higher in trade before the market along with a general increase in stock and crypto markets.
Galaxy’s feature is partly remarkable because of its institutional background. The company was published at Nasdaq in May and its share has been up 100% since the list. Originally built on the infrastructure of Fierce, a fintech platform Galaxy acquired last year, Galaxyone signales a broader push in consumer financing from a company that historically focuses on institutional clients.
Galaxy said more features are underway, including business accounts, Crypto -Stacking and expanded lending products.
