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GalaxyOne will compete head-to-head with popular crypto trading apps like Coinbase and Robinhood.
Galaxy Digital (NASDAQ: GLXY), a major institutional asset manager in the digital asset sector, has rolled out a new retail platform named GalaxyOne.
Bringing the best of crypto & TradFi
On October 6, Galaxy Digital announced the launch of GalaxyOne, a platform designed to provide U.S.-based individual investors with integrated access to both digital and traditional financial markets.
This expansion pits GalaxyOne directly with established retail-focused entities like Coinbase (NASDAQ: COIN) and Robinhood (NASDAQ: HOOD).
Explaining the rationale for the expansion, Mike Novogratz, Galaxy Digital’s chief executive, stated that GalaxyOne will build on the company’s track record of offering best-in-class investment services.
“We’ve spent years building institutional-quality infrastructure to serve the world’s most sophisticated investors. Now, we’re extending that edge to individuals,” Novogratz said.
Like most retail products, the GalaxyOne app is available on both iOS and Android. Its core services are divided into two segments: GalaxyOne Crypto and GalaxyOne Brokerage.
The platform will facilitate commission-free trading across more than 2,000 individual stocks, exchange-traded funds (ETFs), and cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Solana (SOL).
GalaxyOne will also offer users access to high-yield accounts that include:
* GalaxyOne Cash: Provides a 4% annual percentage yield (APY) on cash deposits through a partnership with Cross River Bank. These deposits are FDIC-insured.
* Galaxy Premium Yield: Available exclusively to accredited investors, this account offers an 8% APY on deposits ranging from $25,000 to $1 million.
* GalaxyOne Stock Lending: Enables users to generate passive income by lending out eligible stocks.
Additional features include traditional and Roth retirement accounts, as well as fractional trading for stocks (with a minimum of $10 per trade).
Impact on Galaxy Digital’s stock
The launch of GalaxyOne has already had an impressive impact on Galaxy Digital’s stock.
Following the news, the company’s stock jumped 7.41% in after-hours trading on Monday, hitting a new all-time high of $38.84 and bringing its year-to-date gains to 70.35%.
Galaxy Digital stock, October 7 (Source: TradingView data)
The launch aligns with the company’s broader strategic outlook. In a subsequent CNBC interview, Novogratz predicted that digital assets, particularly stablecoins, will gradually reduce reliance on traditional bank deposits and credit systems. In this dynamic environment, Galaxy Digital is aiming to position itself as a one-size-fits-all provider for retail investors.
