BlockFi Founder Finds New Role in Real Estate Industry
Zac Prince, the founder and former CEO of BlockFi, has announced his transition from the crypto ecosystem to the real estate industry. In a recent post, Prince revealed that he has taken on the role of CEO at a real estate tech startup called Re Cost Seg. This company specializes in providing cost aggregation studies to real estate investors, allowing them to accelerate property depreciation and save money on taxes.
โExcited to announce that Iโve 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.โ โ Zac Prince
Prince discovered this opportunity through a job board platform, highlighting the growing significance of such platforms in connecting professionals with new career prospects. He was drawn to Re Cost Seg because of its value proposition, particularly its focus on helping individuals save money on taxes.
Furthermore, Prince recognized that Re Cost Seg leverages technology and strategic offshoring to deliver cost segregation study services to institutional clients.
Contrasting Fortunes for Other Crypto Leaders
Unlike other crypto firms that have faced bankruptcy or regulatory challenges, BlockFi appears to have incurred lower bankruptcy costs, according to Prince. For instance, FTXโs legal fees reached approximately $1.45 billion by December 2023, surpassing the amount owed to customers. Some legal representatives were charging as much as $53,300 per hour.
This raised concerns among FTX creditors as it could potentially impact the funds available for reimbursement. In contrast, BlockFi successfully concluded its reorganization plan without facing significant hurdles. Meanwhile, former Binance CEO Changpeng โCZโ Zhao is currently facing prosecution by the Department of Justice for violating anti-money laundering laws.
CZ has been required to remain in the United States under Pretrial Services supervision until sentencing. Unlike CZ and FTX founder Sam Bankman-Fried, Prince was not entangled in the challenges faced by his company. While he plans to reinvest in a crypto venture in the future, Prince is currently focused on his role at Re Cost Seg.
Hot Take: Zac Prince Ventures into Real Estate
Zac Prince, the founder of BlockFi, has made a significant career move by joining the real estate industry as the CEO of Re Cost Seg. This tech startup specializes in providing cost aggregation studies to real estate investors, enabling them to optimize their tax savings through accelerated property depreciation. Princeโs decision highlights the growing opportunities for professionals to transition between different sectors within the blockchain and cryptocurrency space. While other crypto leaders face legal challenges and high bankruptcy costs, BlockFi seems to have navigated its reorganization successfully. With his new role, Prince is poised to make a meaningful impact in the real estate tech sector and continue his entrepreneurial journey.
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