Zac Prince Joins Galaxy Digital to Head New Banking Platform
- Zac Prince, former CEO and co-founder of BlockFi Inc., has joined Galaxy Digital to lead its new banking platform, Galaxy One.
- Galaxy One offers yield on cash deposits and facilitates trading in both cryptocurrencies and traditional equities.
- The launch of Galaxy One signifies a pivot towards integrating crypto services with mainstream finance under different market conditions.
- Prince's risk approach has become more conservative, contrasting Galaxy's setup with BlockFi's previous operations.
- BlockFi previously offered high returns but collapsed after FTX's failure, resulting in liquidity issues.
- The U.S. SEC charged BlockFi in 2022 for unregistered products and misleading clients, leading to a $100 million settlement.
- Galaxy One aims to address the needs of a more cautious and regulated market, expanding Galaxy Digital's consumer financial product offerings.
