Key Points
- Galaxy Digital has launched a cryptocurrency trading platform, GalaxyOne, to rival Coinbase, Kraken, and Robinhood.
- The platform offers premium yield for accredited investors and will initially support trading in Bitcoin, Ethereum, and Solana.
Galaxy Digital has entered the arena of cryptocurrency trading platforms with the launch of GalaxyOne. The platform, which was revealed to the public on Monday, is aimed at individual investors and is set to compete with established platforms such as Coinbase, Kraken, and Robinhood.
Galaxy Digital’s New Offering
The firm hopes that GalaxyOne will make a significant impact in a sector currently dominated by a handful of U.S. companies. One of the main attractions of the platform is the premium yield it offers to accredited investors, which can be as high as 8% Annualized Percentage Yield (APY). In addition, it offers 4% APY through GalaxyOne Cash, which doesn’t have the same restrictions.
GalaxyOne’s launch signifies Galaxy Digital’s ongoing efforts to strike a balance between large financial institutions with billions of dollars in Assets Under Management (AUM) and individual accounts with less than $1,000.
Trading on GalaxyOne
Initially, the GalaxyOne platform will only support trading in three “blue-chip” digital assets: Bitcoin (BTC), Ethereum (ETH), and Solana. According to Galaxy’s Managing Director, Zac Prince, the platform aims to provide an appealing product set for the ‘accredited investor’ profile.
Meanwhile, Galaxy Digital’s main competitors are also making ambitious moves in the market. Earlier this year, Kraken closed a $100 million funding round, which is expected to expedite its push towards a public listing and help it focus more on professional traders and institutions.
Kraken’s strategy largely revolves around integrating traditional finance with blockchain technology. At the start of the year, it acquired NinjaTrader for $1.5 billion, adding two million new users to its platform. It also launched xStocks, which allows for the trading of tokenized shares of companies like Apple and Tesla.
