Galaxy launched its GalaxyOne Crypto Portfolio Line of Credit, or PLOC, on Aug. 25 for eligible U.S. customers, offering a new retail crypto lending product built around pledged digital assets rather than forced sales. The facility lets borrowers post BTC, ETH and SOL — including staked SOL — under a single revolving credit line and draw cash without selling their holdings. Galaxy said the product carries no origination fee, uses a variable annual percentage rate of 8.99%, and starts at a 50% loan-to-value ratio, meaning $100,000 in pledged assets can support roughly $50,000 in borrowing.
According to Galaxy, collateral values are monitored on an ongoing basis and customers receive advance warnings if asset prices decline. Draws are typically available instantly, with funds usable on platform or withdrawable as USD or the USDC stablecoin. The company also said pledged crypto is not rehypothecated or lent out, while staked SOL continues earning rewards during the collateral period. The product is offered by GalaxyOne Lending LLC in 40 states, excluding California, Delaware, Idaho, Indiana, Minnesota, Mississippi, Missouri, Nevada and South Dakota. ChainCatcher described the launch as an attempt to revive retail crypto lending on a regulated track after the 2022 collapses of Celsius, BlockFi and Voyager.
Galaxy launched the GalaxyOne Crypto Portfolio Line of Credit, or PLOC, on Aug. 25 for eligible customers in the United States.
The product allows users to pledge BTC, ETH and SOL, including staked SOL, under a single revolving credit facility and borrow cash without selling their crypto holdings. It carries no origination fee, uses a variable APR of 8.99%, and starts with a 50% loan-to-value ratio. At that level, $100,000 in collateral can support about $50,000 in borrowing.
Galaxy said collateral values are monitored continuously. If asset prices fall, customers receive advance warnings. Draws are typically available instantly, and borrowed funds can be used within the platform or withdrawn as USD or the USDC stablecoin.
Galaxy also said pledged crypto assets are not rehypothecated or lent out. Staked SOL posted as collateral can continue earning rewards while it remains in the facility.
Zac Prince, managing director of GalaxyOne, said Galaxy was able to launch the product with competitive rates, security and flexibility by using Galaxy’s institutional infrastructure.
The product is offered by GalaxyOne Lending LLC in 40 states, excluding California, Delaware, Idaho, Indiana, Minnesota, Mississippi, Missouri, Nevada and South Dakota.
ChainCatcher described the move as an attempt to restart retail crypto lending on a regulated track after the 2022 failures of Celsius, BlockFi and Voyager, in contrast with the model that froze customer funds and forced liquidations that year.
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