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Galaxy Digital Launches Crypto-Backed Credit Line for U.S. Clients
Galaxy Digital Inc. has introduced a new crypto-backed portfolio line of credit on its GalaxyOne platform, allowing eligible clients in the U.S. to borrow against Bitcoin, Ethereum, and Solana without the need to sell their assets. This innovative product combines these cryptocurrencies under a single credit facility, streamlining the borrowing process for users.
The credit line features a variable annual percentage rate of 8.99% with no origination fee. Clients can access funding typically instantly in U.S. dollars or USDC, starting with a 50% loan-to-value ratio and interest-only monthly payments. Notably, staked Solana can be used as collateral without needing to unstake, enabling clients to continue earning staking rewards while accessing liquidity.
Zac Prince, managing director of GalaxyOne, expressed enthusiasm about the launch, highlighting the competitive nature of the new borrowing product and the security provided by Galaxy's institutional infrastructure. This move marks a significant expansion of GalaxyOne's offerings, which initially focused on trading and investment, into consumer lending.
The new credit line is available to clients across 40 U.S. states and represents a continuation of Galaxy's efforts to build a comprehensive suite of financial products, including a recently launched managed lending program aimed at institutional and high-net-worth investors.
Source: KLEA News