BlockFi Founder Zac Prince Picks New Role Outside of Crypto

Zac Prince, BlockFi Founder and now-former CEO has kept to his earlier promise by revealing the new role he is taking on. 

BlockFi Founder Now In Real Estate

According to his post on X, the top crypto leader said he is moving on from the crypto ecosystem into the real estate industry. When Zac Prince recently broke the silence on BlockFi’s acclaimed successful bankruptcy proceedings, he hinted at the move but wasn’t specific about the sector he intends to transition to. 

The BlockFi founder has now confirmed that he is the CEO of a real estate tech startup called Re Cost Seg. Prince’s new workplace provides real estate investors with cost aggregation studies to enable them to accelerate property depreciation while saving money in taxes.

Excited to announce that I’ve joined the team at RE Cost Seg as CEO!

RE Cost Seg provides cost segregation studies to real estate investors. Cost segregation studies enable real estate investors to take advantage of tax benefits by accelerating depreciation.

When you hear…

— Zac Prince (@CostSegZac) March 11, 2024

He claimed to have heard about the opportunity via X, underscoring the growing relevance of the X job board offering that hit a major milestone a few weeks ago. The BlockFi founder said he was attracted to the job because of a few reasons including the value proposition of the startup. For Prince, Re Cost Seg’s goal of saving money on taxes is a proposition that everyone would be endeared to.

Additionally, Prince acknowledged the fact that Re Cost Seg utilizes technology and strategic offshoring to provide cost segregation studies services to institutional clients. 

Not-So-Happy Ending for Other Crypto Leaders

Compared to other crypto firms that equally faced bankruptcy or met regulatory strains, BlockFi seems to be the one with the least bankruptcy proceedings cost, per Prince’s claim. As of December 2023, FTX legal fees had risen to around $1.45 billion, surpassing the amount owed to customers. A number of its legal representatives were charging as much as $53,300 per hour. 

FTX creditors became very concerned about the huge legal fees as it was bound to impact the available funds for reimbursement. Beyond the bankruptcy proceeding cost, BlockFi also concluded its reorganization plan with a happy ending, unlike the other beleaguered exchanges. Binance ex-CEO Changpeng ‘CZ’ Zhao is still being prosecuted by the Department of Justice (DOJ) for violating anti-money laundering (AML) law.

CZ has been asked to remain in the United States and under Pretrial Services supervision through sentencing. Unlike CZ and even FTX founder Sam Bankman-Fried, BlockFi’s founder was not caught up in the upheaval of his firm’s challenges. In the future, Prince intends to reinvest in a crypto venture but in the meantime, he plans to make the most of his time at Re Cost Seg.