Galaxy Digital experienced a notable increase of approximately 10% in its stock during early trading sessions on Monday. This surge followed the launch of a new mobile trading platform called GalaxyOne, which aims to compete directly with established trading platforms like Robinhood.
Introduction of GalaxyOne Trading Platform
GalaxyOne, unveiled by Galaxy Digital’s CEO Mike Novogratz, provides users with a commission-free trading experience. The platform allows buying and selling of over 2,000 stocks and exchange-traded funds (ETFs), as well as major cryptocurrencies, including bitcoin and ether. This comprehensive offering marks a significant move for the digital asset investment firm.
Features of GalaxyOne
- Commission-free trading for stocks and ETFs
- Access to popular cryptocurrencies like bitcoin and ether
- Yield-bearing accounts with competitive interest rates:
- 4% annual percentage yield on cash deposits
- 8% yield investment note for accredited investors with a $25,000 minimum deposit
Market Reactions and Trends
Following the launch, Galaxy Digital shares have shown impressive growth, having more than doubled this year. This increase comes as federal regulators have eased their oversight on digital assets, creating a more favorable environment for companies in the sector.
As GalaxyOne enters the market, it sets the stage for a competitive landscape in digital trading, presenting viable alternatives to existing platforms and appealing to a diverse user base.
