Galaxy Launches Crypto Trading Platform to Take on Robinhood

Galaxy Digital is set to compete with the likes of Coinbase, Kraken, and Robinhood following the launch of its crypto trading platform. The service, called GalaxyOne, was unveiled on Monday for individual investors. The newly launched platform comes with several features, including “premium” yield for accredited investors.

Galaxy Digital Brings Premium Yield to Its Customers

Galaxy Digital is hoping that this platform chips away at an industry largely dominated by a number of firms in the United States.

One of its incentives is the “premium” yield for accredited investors. This is up to 8% Annualized Percentage Yield (APY). There is also 4% APY through “GalaxyOne Cash,” which doesn’t have the same restrictions as the former. This new outfit could be a strong competitor for Kraken and Robinhood, which already host services like cryptocurrency and equities trading.

The development is a reflection of Galaxy’s consistent push for a balance between those on different financial strata. It always seeks a middle ground between large financial institutions with billions of dollars in Assets Under Management (AUM) and those individual accounts with less than $1,000.

The GalaxyOne platform is designed to offer trading on only three “blue-chip” digital assets for now. These are Bitcoin , Ethereum , and Solana . According to Galaxy’s Managing Director, Zac Prince, “…we think there’s a really interesting opportunity and a compelling product set that we can build for that ‘accredited investor’ profile.”

Kraken Pushes Its Borders Strategically

Beyond Galaxy Digital, its key rivals are also fueling big ambitions in the market.

Earlier this year, Kraken successfully closed a $100 million funding round, according to a Fortune report published on Sept. 25. The new funding accelerates the crypto exchange’s push toward an eventual public listing. It could also help the exchange focus more on “pro traders and institutions.”

Much of Kraken’s strategy is focused on the integration of Traditional Finance (TradFi) with blockchain technology. At the beginning of this year, it acquired NinjaTrader for $1.5 billion and added two million new users to its platform as a result. Another key milestone for Kraken is the debut of xStocks, which is tokenized shares of companies like Apple and Tesla.

They can be traded on blockchains and outside the Kraken platform.

Read original story Galaxy Launches Crypto Trading Platform to Take on Robinhood by Godfrey Benjamin at Coinspeaker.com

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