Mike Novogratz’s Galaxy Digital jumps 10% after launching retail trading app to compete against Robinhood

Mike Novogratz’s Galaxy Digital jumps 10% after launching retail trading app to compete against Robinhood


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Galaxy Digital shares jumped about 10% in early trading Monday after the digital assets investment firm led by CEO Mike Novogratz unveiled a Robinhood-like trading platform, GalaxyOne.

The platform and mobile application, launched Monday, hosts commission-free buying and selling of more than 2,000 stocks and exchange-traded funds in addition to cryptocurrencies such as bitcoin and ether, Galaxy Digital said in a statement.

GalaxyOne also offers several yield-bearing accounts, including a 4% annual percentage yield on cash deposits and an 8% yield investment note for accredited investors who put up a minimum of $25,000.

Galaxy shares have more than doubled this year as federal regulators have softened their oversight of digital assets.

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