Galaxy Digital launches retail platform led by ex-BlockFi CEO

Zac Prince spearheads Galaxy’s push into consumer banking with high-yield cash, crypto, and stock trading features

by Blockworks /

October 6, 2025 11:47 am

BlockFi co-founder and former chief executive Zac Prince | DAS 2022 by Blockworks

Galaxy Digital Inc. has launched GalaxyOne, a new consumer-focused financial platform led by Zac Prince, the co-founder and former chief executive of BlockFi Inc. — the crypto lender that collapsed after the fall of FTX in 2022.

The platform combines high-yield banking, crypto trading, and commission-free stock brokerage in one app, marking Galaxy’s first direct move into retail finance.

Prince joined Galaxy earlier this year after the firm’s acquisition of Fierce, a personal finance app, to lead the integration and relaunch under the Galaxy brand. GalaxyOne offers a 4% APY cash account insured by Cross River Bank and the FDIC up to $250,000, along with crypto trading for Bitcoin, Ethereum, Solana and Paxos Gold.

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A premium yield product offering 8% APY is available to accredited investors, though it is not FDIC-insured and is guaranteed only by a Galaxy subsidiary.

Prince said the new platform reflects lessons from BlockFi’s downfall, which resulted from risky lending practices and a lack of registration with the US Securities and Exchange Commission (SEC)—issues that led to a $100 million settlement in 2022.

He described Galaxy’s approach as “much more conservative,” emphasizing strengthened risk controls and regulatory alignment. Galaxy’s risk team has quadrupled in size in recent years, underscoring a shift toward institutional-grade oversight.

The launch follows Galaxy’s NASDAQ listing and aligns with broader efforts by firms such as Robinhood Markets Inc. to merge banking and crypto services. Shares of Galaxy Digital rose 5% to $38.06 after the announcement, tripling over the past year as the company expands beyond institutional trading into the retail market.

This is a developing story.

This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.

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