Zac Prince, the former chief executive and co-founder of the collapsed Crypto Lender Blockfi Inc., returned to the digital asset industry as the head of the new banking platform of Galaxy Digital, Galaxy One. The move marks Prince’s return to a leadership paper less than three years after Blockfi’s losses, following the implosion of the Crypto Exchange FTX.
Galaxy supported Prince Earlier this year to guard the Galaxy One, which Launched today And allows users to earn produce in cash and trading deposits both cryptocurrencies and traditional equities. The appointment puts the prince amid another effort to combine crypto services with basic finances but at this time, under different different conditions.
In a interview In Bloomberg, Prince said his personal appetite was “more conservative” after he experienced the blockfi. He described the galaxy as “night and day in terms of differences -diverse in setting and the appetite and the structures of the regulation of businesses.”
Blockfi became a symbol of crypto lending and bust. The company drew users by offering interest accounts with returns as high as 9.5%, before collapse when FTX failure left it short of liquidity. In its early days, the company raised funding from leading investment companies, including Valear Ventures by Peter Thiel as well as Galaxy Digital, which led to a heavy $ 52.5 million Round in July 2018.
In 2022, after the collapse of the FTX, the US Securities and Exchange Commission charged the blockfi not fulfilling the lending product and false clients about risks. The firm later arranged the case, paying $ 100 million in penalties.
For Galaxy, led by investor Mike Novogratz, the Galaxy One represents an expansion of consumer -focused financial products. The platform mix of traditional and digital services owned aims to meet a market that has grown more carefully and more regulated because of the overwhelming cypto.
