Galaxy Digital soars 10 percent as Mike Novogratz unveils new retail trading app to rival Robinhood

ago 24 days
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.