Galaxy launched its GalaxyOne Crypto Portfolio Line of Credit product on August 25 for eligible U.S. customers. According to ChainCatcher, the product lets users borrow cash against BTC, ETH, and SOL, including staked SOL, within a single revolving credit line without selling their crypto.

The product has no origination fee, carries a variable annual interest rate of 8.99%, and uses a 50% initial loan-to-value ratio. Galaxy said collateral values will be monitored continuously, with advance warnings if assets decline, while withdrawals are typically available immediately and funds can be used on-platform or withdrawn as USD and USDC.

Galaxy said pledged crypto will not be rehypothecated or lent out, and staked SOL can continue earning rewards while serving as collateral. GalaxyOne Managing Director Zac Prince said the product is being offered with competitive rates, security, and flexibility through Galaxy's institutional infrastructure.

GalaxyOne Lending LLC is offering the product in 40 states, excluding California, Delaware, Idaho, Indiana, Minnesota, Mississippi, Missouri, Nevada, and South Dakota. The launch is seen as an attempt to restart regulated retail crypto lending after the collapses of Celsius, BlockFi, and Voyager in 2022.