Galaxy opened retail crypto-backed credit lines on Tuesday
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The product, the Crypto Portfolio Line of Credit (PLOC), invites users to pledge BTC, ETH, and SOL inside one revolving line instead of taking a separate loan per asset.
Key facts
- Appetite across the sector is growing as of late, with Bitcoin and Ethereum ETFs adding $23 billio n in a week
- The product, the Crypto Portfolio Line of Credit (PLOC), invites users to pledge BTC, ETH, and SOL inside one revolving line instead of taking a separate loan per asset
- We're excited to bring a competitive crypto-backed borrowing product to market via our growing retail platform," said Zac Prince, Managing Director of GalaxyOne
- The 2022 collapse of Celsius, BlockFi, and Voyager still frames the category
Summary
Galaxy launched the GalaxyOne Crypto Portfolio Line of Credit (PLOC) on August 25 for eligible U.S. clients. The revolving line has no origination fee and a variable 8.99% APR, with a 50% loan-to-value ratio. It's live in 40 states; pledged BTC, ETH, and SOL aren't rehypothecated, the company says. Collateral values are watched continuously.