Former BlockFi CEO Zac Prince Joins Real Estate Tech Firm
Zac Prince, the former CEO of BlockFi, has announced his new role as the CEO of RE Cost Seg, a company that provides cost segregation studies to real estate investors. This move represents a pivot for Prince, as he transitions from the crypto lending industry to real estate technology. Cost segregation studies involve surveying each element of a property to identify items that can benefit from accelerated depreciation. By claiming tax benefits for these elements, investors can maximize their returns. RE Cost Seg aims to make this tax-saving tool accessible to a broader group of real estate investors by offering lower price points and streamlined processes.
A Shift in Focus
Previously, Prince’s role at BlockFi involved catering to retail investors by offering them the opportunity to earn yields on their Bitcoin and take out loans against their coins. The company would rehypothecate these coins to institutional clients, earning a higher yield in the process. However, BlockFi suffered losses when one of its largest counterparties, Alameda Research, collapsed and lost both BlockFi’s and its customers’ coins. After dealing with the aftermath of this bankruptcy for over a year, Prince now feels ready to move on and explore new professional endeavors.
Expanding Opportunities
While RE Cost Seg will primarily focus on serving institutional clients, Prince intends to work with some single-family clients who may have been priced out of traditional cost segregation services. He believes that his company’s lower costs and streamlined processes will make this valuable tax-saving tool accessible to a wider range of real estate investors.
Settling a Bet
In addition to his career transition, Prince has also addressed an outstanding bet he made with popular Bitcoiner @americanhodl8 on Twitter. The bet involved wagering 1 BTC on whether BlockFi would remain a functional company for the next 37 years. Unfortunately for Prince, BlockFi’s collapse resulted in him losing the bet. He has now committed to settling the bet and honoring his side of the wager.
Hot Take: A New Chapter Begins for Zac Prince
Zac Prince’s move from the crypto lending industry to real estate tech marks an exciting new chapter in his career. As the CEO of RE Cost Seg, he aims to provide cost segregation studies that enable real estate investors to maximize their tax benefits. By offering lower price points and streamlined processes, Prince hopes to make this valuable tool accessible to a broader group of investors. This shift comes after BlockFi faced significant challenges with the bankruptcy of one of its major counterparties. With closure on that front, Prince now looks forward to embracing new professional endeavors. Additionally, by addressing an outstanding public bet, he demonstrates his commitment to integrity and fulfilling his obligations. Overall, this career pivot highlights Prince’s adaptability and willingness to explore opportunities beyond the crypto industry.
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