Zac Prince, the former executive director and co -founder of the collapsed cryptographic lender Blockfi Inc., is back in the digital asset industry as head of the new Banking Platform of Galaxy Digital, Galaxy One. The movement marks Prince’s return to a leadership paper less than three years after Blockfi’s bankruptcy FTX cryptography.
Galaxy hired Prince earlier this year to supervise Galaxy One, which was launched today and allows users to obtain performance in cash deposits and exchange cryptocurrencies and traditional actions. The appointment places Prince at the center of another effort to merge cryptographic services with conventional finances, but this time, in markedly different conditions.
In an interview with Bloomberg, Prince said his personal risk appetite is “more conservative” after what he experienced with Blockfi. Galaxy described as “night and day in terms of differences in the configuration and appetite of risk and the regulatory structures of the companies.”
Blockfi became a symbol of the boom and bust of Crypto’s loans. The company attracted users by offering accounts of interest with yields of up to 9.5%, before collapsing when FTX’s failure left it below liquidity. In its early days, the company raised funds from the main investment firms, including the Valar Ventures de Peter Thiel and Galaxy Digital, which led a strong round of $ 52.5 million in July 2018.
In 2022, after the collapse of FTX, the United States Stock Exchange and Securities Commission charged Blockfi for not registering its loan product and deceiving customers about the risks. The company then resolved the case, paying $ 100 million in fines.
For Galaxy, led by the investor Mike Novograph, Galaxy One represents an expansion in consumer -centered financial products. The combination of the traditional and digital asset services platform aims to meet a market that has become more cautious and more regulated since the excesses of the last cryptographic cycle.
