Zac Prince Returns to Crypto as Galaxy Digital Launches Galaxy One

Zac Prince, former CEO and co-founder of the defunct crypto lender BlockFi, has reemerged in the digital asset industry as the head of Galaxy Digital’s latest venture — Galaxy One. This move marks Prince’s return to leadership nearly three years after BlockFi’s collapse, which was triggered by the downfall of crypto exchange FTX.

Galaxy Digital, led by investor Mike Novogratz, hired Prince earlier this year to oversee Galaxy One, a new banking platform that officially launched today. The platform allows users to earn yield on cash deposits and trade both cryptocurrencies and traditional equities, aiming to bridge the gap between digital assets and traditional finance.

Speaking with Bloomberg, Prince emphasized that his risk approach has become “more conservative” following his experience with BlockFi, describing Galaxy as “night and day” compared to his previous company. He noted that Galaxy operates with a much stronger regulatory framework and lower risk appetite — a key distinction in today’s stricter crypto environment.

BlockFi, once a major player in the crypto lending boom, offered high-yield accounts with returns of up to 9.5%. However, it collapsed after FTX’s failure exposed major liquidity gaps. The company had previously raised funds from top investors, including Peter Thiel’s Valar Ventures and Galaxy Digital, which led a $52.5 million funding round in 2018.

In 2022, the U.S. Securities and Exchange Commission charged BlockFi with failing to register its lending product and misleading investors, resulting in a $100 million settlement.

Now, as head of Galaxy One, Prince’s return signifies a renewed focus on merging crypto innovation with mainstream financial systems — but under more cautious and regulated conditions. Galaxy One represents Galaxy Digital’s expansion into consumer-focused finance, designed for a post-crisis market seeking security, transparency, and sustainable growth.