BTC $84,630.59 -1.92%
ETH $2,677.67 -1.82%
BNB $767.16 -1.47%
XRP $1.49 -2.19%
SOL $119.63 -2.50%
TRX $0.3350 +0.18%
DOGE $0.0931 -3.25%
ADA $0.2467 -3.05%
BCH $309.35 -1.36%
LINK $14.03 -3.48%
HYPE $88.67 -0.43%
AAVE $179.41 -1.51%
SUI $1.14 -3.17%
XLM $0.2152 -3.52%
ZEC $1,321.75 -5.29%
AAPL $333.28 +0.54%
AMZN $251.90 +1.19%
GOOGL $343.80 +1.14%
MSFT $517.98 +0.28%
META $727.12 -0.21%
NVDA $234.23 +1.08%
TSLA $370.93 +4.18%
SNDK $1,717.79 -3.88%
INTC $118.04 -2.15%
SPCX $158.99 +6.55%
MU $1,067.82 -2.13%
AMD $633.44 +2.23%
BTC $84,630.59 -1.92%
ETH $2,677.67 -1.82%
BNB $767.16 -1.47%
XRP $1.49 -2.19%
SOL $119.63 -2.50%
TRX $0.3350 +0.18%
DOGE $0.0931 -3.25%
ADA $0.2467 -3.05%
BCH $309.35 -1.36%
LINK $14.03 -3.48%
HYPE $88.67 -0.43%
AAVE $179.41 -1.51%
SUI $1.14 -3.17%
XLM $0.2152 -3.52%
ZEC $1,321.75 -5.29%
AAPL $333.28 +0.54%
AMZN $251.90 +1.19%
GOOGL $343.80 +1.14%
MSFT $517.98 +0.28%
META $727.12 -0.21%
NVDA $234.23 +1.08%
TSLA $370.93 +4.18%
SNDK $1,717.79 -3.88%
INTC $118.04 -2.15%
SPCX $158.99 +6.55%
MU $1,067.82 -2.13%
AMD $633.44 +2.23%

customer

All
Article
Flash

first_img Galaxy launches crypto asset collateralized credit lines for retail customers

On August 25, Galaxy launched the GalaxyOne Crypto Portfolio Line of Credit (PLOC) product for eligible U.S. customers. Users can pledge BTC, ETH, and SOL (including staked SOL) to borrow cash within a single revolving credit limit, without having to sell any crypto assets. The product has no initiation fees, features a variable annual interest rate of 8.99%, and a 50% initial loan-to-value ratio, meaning that $100,000 in pledged assets can borrow approximately $50,000.Galaxy stated that the value of the pledged assets will be continuously monitored, and warnings will be issued in advance if the assets decline; withdrawals are typically credited instantly, and funds can be used on the platform or withdrawn as USD and USDC stablecoins. The staked crypto assets will not be re-pledged or lent out, and staked SOL can continue to earn rewards while being used as collateral. Zac Prince, Managing Director of GalaxyOne, stated that with Galaxy's institutional infrastructure, they are able to launch this product with competitive rates, security, and flexibility.This product is offered by GalaxyOne Lending LLC in 40 states, excluding California, Delaware, Idaho, Indiana, Minnesota, Mississippi, Missouri, Nevada, and South Dakota. This move is seen as an attempt to restart retail crypto lending on a regulated track after the collapses of Celsius, BlockFi, and Voyager in 2022, contrasting with the model of freezing customer funds and forced liquidations that year.

Large U.S. banking organizations propose to include customer identification requirements for the secondary market of stablecoins

The Bank Policy Institute (BPI) is an organization representing large banks such as JPMorgan, Bank of America, Wells Fargo, and Citi. BPI proposed that the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury should expand customer identification program requirements to the secondary market for stablecoins, covering exchanges and other platforms that establish direct account relationships with retail investors.BPI stated that the relevant exchanges and platforms engage in a significant amount of buying and selling activities within the payment stablecoin ecosystem, where most illegal activities related to stablecoins occur. If the proposal is incorporated into the rules, the relevant platforms will be required to collect customer information in accordance with the Bank Secrecy Act, and decentralized exchanges may also fall under regulatory oversight. The proposed rules by FinCEN indicate that transactions in the secondary market for stablecoins on the blockchain typically use anonymous or pseudonymous identities, and there are no centralized nodes for collecting identity information, limiting the ability of issuers to gather customer data from the secondary market. BPI has also opposed the current version of the Digital Asset Market Structure Bill along with other banking organizations.
app_icon
ChainCatcher Building the Web3 world with innovations.