Galaxy Digital Recruits BlockFi CEO For New Banking Platform

Galaxy Digital, a leading cryptocurrency investment firm, is launching a new digital banking platform under the leadership of Zac Prince, former CEO of the now-defunct BlockFi. This strategic move signals Galaxy Digital's expansion into traditional banking services within the cryptocurrency ecosystem.

Prince, who led BlockFi through its growth and eventual bankruptcy, brings extensive experience in crypto lending and digital asset management to Galaxy's new venture. "I learned a ton from BlockFi," Prince stated in a Bloomberg interview, highlighting valuable lessons from his previous role that will inform the new banking platform's development.

The announcement comes as institutional adoption of Bitcoin and blockchain technology continues accelerating across traditional financial services. Galaxy Digital's banking initiative represents a significant pivot toward regulated financial products in the DeFi space, potentially offering cryptocurrency custody, lending, and investment services to institutional clients.

This development could impact broader cryptocurrency markets as established crypto firms increasingly bridge traditional banking with digital assets. The move positions Galaxy Digital to compete with other crypto-focused financial institutions while leveraging Prince's expertise in navigating regulatory challenges within the evolving cryptocurrency banking landscape.