What happened?
Galaxy Digital launched GalaxyOne, a new app that combines cash management, crypto trading, and U.S. stock and ETF trading in one place. The platform offers 4% APY on FDIC-insured cash deposits and an 8% APY product (Galaxy Premium Yield Notes) for accredited investors, backed by its $1.1 billion institutional lending desk. GalaxyOne supports trading of BTC, ETH, SOL and PAXG, commission-free trading for 2,000+ U.S. stocks and ETFs, and features like automatic reinvestment of earnings.
Who does this affect?
Retail U.S. investors who want a single app to manage cash, crypto, and equities are the main audience, and accredited investors are targeted with the higher‑yield product. Competing brokerages and hybrid trading apps like Robinhood, eToro, and Cash App face new direct competition for users and deposits. Institutional clients and custodians could also feel the impact as Galaxy extends tokenization, staking integrations, and its institutional infrastructure into retail channels.
Why does this matter?
GalaxyOne signals that a major crypto firm is moving aggressively into mainstream retail brokerage, which could push other platforms to offer higher yields and tighter integrations between cash, stocks, and crypto. If it attracts significant deposits and trading volume, it could shift retail flows, raise liquidity for tokenized shares and certain crypto assets, and put pressure on incumbents’ pricing and product roadmaps. More broadly, Galaxy’s push into tokenization and institutional partnerships could accelerate the blending of traditional markets and crypto, driving new product innovation and changing how investors allocate capital.