Galaxy Digital Launches Crypto-Backed Line of Credit for Individuals

Product / TechDigital Finance
โดย NADA NEWS·US·Read original
Summary · why it matters

On August 25, Galaxy Digital, a U.S. company, launched the "Crypto Portfolio Line of Credit (PLOC)" on its retail platform GalaxyOne. Eligible U.S. customers can borrow cash against Bitcoin (BTC), Ethereum (ETH), and Solana (SOL, including staked) as collateral without selling any of their holdings. The key feature is that instead of taking out separate loans for each asset, the three holdings are combined into a single revolving credit line. There is no origination fee, the interest rate is 8.99% (variable), and the loan-to-value (LTV) ratio is 50%, allowing a borrower to take out about $50,000 against a $100,000 portfolio. Loans are typically funded instantly and can be withdrawn in U.S. dollars or USDC. The collateral is not rehypothecated, and staked SOL continues to earn rewards. The service is available in 40 states, excluding nine states including California. Zac Prince, who leads GalaxyOne, is a co-founder of BlockFi, which went bankrupt in 2022, and the design of operating on a regulated in-house platform rather than external DeFi protocols reflects lessons learned from that experience. This marks the entry of a Nasdaq-listed company with institutional-grade infrastructure into a field already occupied by Ledn, Coinbase, and Nexo. In Japan, Fintertech, a joint venture between Daiwa Securities Group and Credit Saison, offers "digital asset-backed loans." While the terms differ—collateral limited to BTC and ETH, an LTV of 50%, an effective annual rate of 4.0% to 8.0%, and loan amounts ranging from 5 million yen to 500 million yen—the concept of "raising funds without selling" is the same. Currently, the maximum tax on capital gains from selling crypto assets in Japan is 55%, with the 20% separate self-assessment taxation expected to apply from 2028 onward. In the meantime, demand for collateralized loans is likely to continue.

Impact on stocks 4

Digital Finance & Tokenization▲ · 3 stocks
Galaxy Digital Holdings Ltd
GLXY
▲ PositiveDemandrelevance

Galaxy Digital launches a new crypto-backed line of credit, expanding its retail product offerings and potentially attracting new customers.

Coinbase Global Inc
COIN
± MixedCompetitionrelevance

Coinbase is mentioned as an existing competitor in the crypto-backed lending space, but the article does not detail any direct impact on Coinbase.

Financials▲ · 1 stocks

Theme Impact 1

Off-coverage companies 2

LednPrivate± Mixed
relevance

NexoPrivate± Mixed
relevance

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