Galaxy Launches App Offering 4%-8% Yield; Stock Rises 8%
- Galaxy Digital's shares rose by 8% in premarket trading following the launch of GalaxyOne, a platform for retail investors.
- The platform offers FDIC-insured high-yield cash accounts, crypto trading, and U.S. equities and ETFs.
- GalaxyOne promises a 4% annual return on regular cash deposits and up to 8% for accredited investors via its Galaxy Premium Yield product.
- The service allows trading of digital assets like bitcoin, ether, and solana, alongside U.S. stocks.
- Automated reinvestment into crypto or cash is available to simplify compounding returns.
- GalaxyOne competes with Robinhood and Coinbase, both offering new services to retain users.
- HOOD and COIN are up about 2% in pre-market trading amid a stock and crypto market rise.
- Galaxy's institutional background adds significance to this consumer finance move; its Nasdaq stock has doubled since May.
- Future enhancements include business accounts, crypto staking, and expanded lending products.
