Novogratz’s Galaxy Digital launches retail app to rival Robinhood

Galaxy Digital Stocks increased by 7% after CEO Mike Novogratz announced a Robinhite trading platform called Galaxione’s Galaxione.

The platform, which is released on Monday, is home to the purchase and sale of more than 2,000 stocks and funds traded on the stock exchange without commissions. Bitcoin And etherGalaxy Digital He said in a statement.

Galaxion also offers accounts with various returns, including 8% yield investment note for accredited investors who earn at least $ 25,000 in cash deposits and at least $ 25,000.

Since federal regulators softened the supervision of digital assets, Galaxy shares increased more than twice this year.

The launch of the trade platform comes as crypto currencies and the basic block chains seem ready to disrupt the traditional financial system, Novogratz in the CNBC’s “Squawk Box” on Monday.

“You will see that Stablecoins receive money from bank deposits … Then you will see that the loan has been changed.” He said. “This will happen over time.”

In a constantly changing environment, Galaxone aims to serve as a single point for retail investors who want to trade a variety of traditional and digital assets than those available through existing intermediaries.

“You have a bank account and you should shift this money to another place to buy stocks. You have a mediator account [but] You have to go anywhere else to buy crypto, “said Novogratz.” We think all this will gather in one place. “

Cantor Fitzgerald said in a statement on Monday that Galaxy reflects his desire to compete against financial services applications from one -hand to a single -hand financial services. Robinity And ethoro.

“Historically, Glxy, which serves only corporate customers, expands its access for the first time,” Cantor Analyst Brett Knoblauch said. He said. “This product will try to compete with Hood (OW) and Ethor (OW) in our minds.”

The company has a degree of purchasing on the shares of Galaxy and set a $ 45 price target for stocks. This means the opposite of 24% of Friday’s closing.

When the Galaxy’s trade platform plans to plan to target Robinhood and its competitors’ users, Galaxione General Manager Zac Prince said in an interview with CNBC on Monday: “We do not think of the application as something that is trying to get the application as a very special customer profile.

However, he acknowledged that Prince Galaxione had entered a crowded market. “In a sense, we compete with everyone who has a consumer financial practice, [decentralized or centralized] We are competing for finance or traditional fintech and mind sharing and attention. “

Increasingly, a number of merchants flocked to the crypto in recent months due to a wider bull run that largely pushed the prices of a few digital assets to the highest records this year.

Bitcoin was collected for the first time last weekend at a new price of about $ 125,800 on Monday, shortly after overcoming the $ 125,000 brand.