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Galaxy Digital The shares rose by 7%on Monday after the investment company Digital's assets led by CEO Mike Novogratz had presented a robinhood-like trading platform called Galaxyone.
The platform, which was introduced on Monday, organizes in addition to the trade in cryptocurrencies such as Bitcoin And etherGalaxy Digital said in a statement.
Galaxyone also offers several return frames accounts, including an annual percentage of 4% for cash deposits and a renditation note of 8% for accredited investors who have set up at least $ 25,000, the company said.
Galaxy shares have more than doubled this year because the federal supervisory authorities have alleviated their supervision of digital assets.
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GLXY year until today
The trading platform starts as cryptocurrencies and its underlying blockchains disturb the traditional financial system, Novogratz said on Monday in the “Squawk Box” from CNBC.
“You will see how stable coins take money out of the bank deposits … Then you will see that loans will be replaced,” said Novogratz. “This will happen over time.”
In this constantly changing environment, Galaxyone is used as a one-stop shop for retail investors to exchange a wider range of traditional and digital assets when they are available via existing brokers.
“You have a bank account and have to point this money somewhere else to buy shares. You have a brokerage account. [but] To buy crypto, you have to go somewhere else, “said Novogratz.
On Monday, Cantor Fitzgerald said in a reference to customers that Galaxy's entry into the retail services reflected on his wish to compete against applications for financial services, including Robinhood And Etoro.
“Glxy, which has only served institutional customers in the past, expands its reach for the first time,” said the Cantor -Analyst Brett Knoblauch in the note. “This product will compete in our head with Hood (OW) and Etor (OW).”
The company has a merchanting for the Galaxy share and has set a price target of $ 45 for shares. This implies an upward trend of 24% compared to the end of Friday.
When asked whether the Galaxy trading platform is planning to target Robinhood and the users of the competitors, the managing director of Galaxyone, Zac Prince, said on Monday in an interview with CNBC:
Nevertheless, Prince admitted that Galaxyone entered an overcrowded market. “In a sense, we compete with everyone who has a financial app with consumers whether this is the case [decentralized or centralized] Finance or traditional fintech, and we compete for mindshare and attention. “
In the past few months, more and more traders have gone to crypto, especially because of a wider bull run that has recorded several digital assets this year.
Bitcoin gathered on Monday with a new price of around $ 125,800, shortly after he had exceeded the $ 125,000 mark last weekend.