Galaxy Digital launches retail platform led by ex-BlockFi CEO

Galaxy Digital Inc. has launched GalaxyOne, a consumer-focused financial platform led by Zac Prince, the ex-CEO of BlockFi, which collapsed in the wake of the FTX scandal. This platform combines high-yield banking, crypto trading, and commission-free stock brokerage in a single app, marking Galaxy’s foray into retail finance. GalaxyOne offers a cash account with a 4% APY insured by Cross River Bank and the FDIC, alongside crypto trading options for Bitcoin, Ethereum, Solana, and Paxos Gold. A premium yield product with an 8% APY is available to accredited investors, although it is not FDIC-insured. Prince emphasized a more conservative approach to risk management and regulatory compliance in light of BlockFi's past issues, leading to a significant expansion of Galaxy’s risk team. Shares of Galaxy Digital rose 5% following the announcement, reflecting growing confidence in the company's strategy as it diversifies from institutional trading to the retail market.

Source 🔗