Galaxy Digital soars 10 percent as Mike Novogratz unveils new retail trading app to rival Robinhood
Galaxy Digital’s stock soared by approximately 10% in early Monday trading as the company introduced a new trading platform, GalaxyOne. Spearheaded by CEO Mike Novogratz, this innovation mirrors the functionality of popular trading platforms like Robinhood.
Innovative Features of GalaxyOne Platform
GalaxyOne, launched with a robust mobile application, allows for commission-free buying and selling of over 2,000 stocks and exchange-traded funds (ETFs), alongside major cryptocurrencies like Bitcoin and Ethereum. This diversification makes it a powerful tool for investors seeking to broaden their portfolio.
Lucrative Yield-Bearing Accounts
The platform further distinguishes itself with a variety of yield-bearing accounts. Among these is a 4% annual percentage yield (APY) on cash deposits. For accredited investors willing to invest a minimum of $25,000, there is an 8% yield investment note, providing lucrative opportunities for seasoned investors.
Strong Performance Amid Regulatory Changes
Galaxy Digital’s share price has more than doubled this year, reflecting a positive response from the market. This significant growth comes as federal regulators have begun to ease their stance on digital assets, creating a more favorable environment for digital investment firms.
Emegypt cites that the introduction of GalaxyOne comes at a fortuitous time for Galaxy Digital, coinciding with its rising stock and a gradual shift in regulatory perspectives. As investors increasingly seek integrated platforms for stock and cryptocurrency trading, GalaxyOne positions itself as a promising contender in the market space.
