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SOL Galaxy launches retail crypto asset credit line
On Tuesday, Galaxy officially opened a crypto asset-backed credit line for retail customers. Qualified users on its GalaxyOne platform can now borrow cash using Bitcoin, Ethereum and Solana (including SOL in pledge) as collateral without having to sell any crypto assets.
This product, called the "Crypto Portfolio Credit Line (PLOC)", allows users to deposit BTC, ETH and SOL into a revolving credit line, rather than applying for a separate loan for each asset. Galaxy sets a floating interest rate of 8.99% per annum and an initial loan-to-value ratio of 50%: that is,$100,000 in collateral can support approximately $50,000 in borrowing.
The value of collateral will continue to be monitored. GalaxyOne said that if asset values decline, the platform will warn users before taking any collateral disposal measures. Funds are usually available immediately and users can use them directly within the platform or withdraw them as U.S. dollars or USDC stablecoins.
Pledged crypto assets will not be re-mortgaged-Galaxy will not lend them or divert them for other purposes during the mortgage period. At the same time, SOL in the pledge can continue to receive rewards without the need to cancel the pledge.
"We are pleased to launch a competitive crypto-asset-backed lending product to the market through our growing retail platform," said Zac Prince, managing director of GalaxyOne."With Galaxy's institutional-level infrastructure, we are able to leverage new crypto-asset portfolio credit line products that provide competitive interest rates, security and flexibility."
The 2022 meltdown of Celsius, BlockFi and Voyager still affects this space. These platforms froze customer funds and forced liquidations when prices fell, and the crisis quickly spread to the entire crypto market.
Galaxy's products adopt a completely different structure. The credit line runs on its own regulated platform rather than an external DeFi protocol; the collateral is locked out and will not be re-mortgaged.
Market sentiment has also changed. Just this week, the crypto market turned "extremely greedy" for the first time since 2024. Risk appetite across the industry has continued to heat up recently, with Bitcoin and Ethereum ETFs attracting US$23 billion in capital inflows in a week.
Therefore, now may be the right time to try "crypto lending" again-with better safeguards. Galaxy is on a regulated track to reopen the door for retail users to borrow from crypto assets, a gap that was difficult to fill after the 2022 crash.
GalaxyOne Lending LLC currently offers the credit line in 40 states. California, Delaware, Idaho, Indiana, Minnesota, Mississippi, Missouri, Nevada and South Dakota are not included.
