Former BlockFi CEO, Zac Prince, is embarking on a new journey, transitioning from the unpredictable world of cryptocurrency to the more stable realm of real estate technology. Following BlockFi’s settlement with the estates of FTX and Alameda Research, which may result in a full recovery for the crypto lender’s users, Prince has decided to leave both BlockFi and the crypto industry altogether.
BlockFi’s Zac Prince leaves crypto
His next endeavor is joining a real estate tech startup called Re Cost Seg, where he will play a pivotal role in the company’s leadership team. Prince’s departure from the crypto space comes as a result of his wife’s advice to seek a less tumultuous career path. Despite bidding farewell to crypto, Prince remains deeply passionate about the industry and its potential for innovation.
He draws parallels between the firm’s mission of providing tax-efficient crypto services and Re Cost Seg’s goal of democratizing access to cost segregation studies for real estate investors. These studies enable investors to accelerate property depreciation and ultimately save money on taxes.
One aspect of Re Cost Seg that resonates strongly with Prince is its commitment to making cost segregation studies accessible to smaller-scale landlords, not just large institutional investors. This mirrors his former firm’s efforts to democratize access to financial services within the crypto space.
Prince sees both companies as aligned in their mission to empower individuals to optimize their financial strategies and save money. Reflecting on his time at BlockFi, Prince emphasizes the importance of customer service and efficient product development. He acknowledges the significance of building a strong and dedicated team, a lesson learned from his experience at BlockFi.
Lessons learned and future endeavors
Despite his departure, Prince remains committed to ensuring that all of the firm’s former clients are fully compensated. He has pledged to keep his crypto assets on the platform until all clients have been made whole. Prince explains that BlockFi’s bankruptcy was a result of loans extended to FTX and its affiliates, which were not repaid. However, BlockFi ultimately prevailed in the legal proceedings, securing a favorable outcome for its clients.
Prince expresses pride in the resilience of BlockFi’s team and their unwavering dedication to serving clients during challenging times. Looking ahead, Prince sees opportunities to apply lessons learned from BlockFi to his new venture at Re Cost Seg. He plans to leverage his experience with fast-paced product development and innovative marketing strategies honed in the crypto industry.
Despite the challenges faced by BlockFi during the crypto winter, Prince remains optimistic about the future of both the crypto and real estate sectors. Zac Prince’s transition from the crypto industry to real estate technology marks a new chapter in his career. His decision to join Re Cost Seg reflects his belief in the company’s mission to democratize access to cost segregation studies.
Prince’s experience at BlockFi has equipped him with valuable insights and skills that he intends to apply to his new role. As he embarks on this new journey, Prince remains committed to ensuring that BlockFi’s former clients receive the compensation they deserve.
