Former BlockFi CEO leads Galaxy new banking and crypto app
Michael Novogratz’s Galaxy Digital Inc. has launched a new retail financial platform, GalaxyOne, led by former BlockFi CEO Zac Prince.
The platform combines high-yield banking, cryptocurrency trading, and commission-free brokerage in a single app — marking Galaxy’s first direct entry into retail finance.
Zac Prince, co-founder and ex-CEO of crypto lender BlockFi Inc., which went bankrupt following the FTX collapse in 2022, is spearheading Galaxy’s expansion into consumer banking with features for trading cash, crypto, and equities.
Prince joined Galaxy earlier this year following the company’s acquisition of Fierce, a personal finance app, to lead its integration and relaunch under the Galaxy brand.
The GalaxyOne platform offers a cash account with a 4% annual yield, insured by Cross River Bank and the FDIC for up to $250,000, along with crypto trading for Bitcoin, Ethereum, Solana, and Paxos Gold.
Accredited investors have access to a premium product offering 8% annual returns, though it is not FDIC-insured and backed only by a Galaxy subsidiary.
Learning from past mistakes
Prince stated that the new platform incorporates lessons from BlockFi’s collapse, which was caused by risky lending practices and failure to register with the U.S. Securities and Exchange Commission (SEC) — leading to a $100 million settlement in 2022.
He described Galaxy’s approach as “much more conservative,” emphasizing strengthened risk controls and close alignment with regulators.Galaxy’s risk management team has quadrupled in size over recent years, reflecting a shift toward institutional-grade oversight.
As we wrote, Galaxy Digital and Fireblocks partner to expand institutional staking access
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