From Crypto to Real Estate Tech: Ex-BlockFi Exec Zac Prince Takes on Revolutionary Re Cost Seg!

Zac Prince, the former CEO and founder of BlockFi, has joined Re Cost Seg, a real estate tech startup that provides cost segregation studies for real estate investors. Prince shared that he has learned valuable lessons during his time at BlockFi that he can apply at his new venture.

The BlockFi Story and Lessons Learned

BlockFi has been in the news for its settlement with FTX and Alameda Research, a move that could lead to a full recovery for the bankrupt crypto lender’s users. With these developments underway, Zac Prince is leaving the company and the crypto industry altogether to embark on a new journey in real estate tech.

In an interview with CoinDesk, Prince shared that he was pleased with the outcome of the settlement and his time at BlockFi. “I’m passionate about the space and believe in it as much as when I started BlockFi,” he said. “However, my wife advised against it due to the craziness and volatility of the crypto industry. She suggested I do something less high-octane.”

The Re Cost Seg Opportunity

Prince discovered Re Cost Seg through the X network and found it aligned with his interests and values. The company provides cost segregation studies, enabling real estate investors to accelerate property depreciation and save money on taxes. This service is typically only available to large institutional investors, but Re Cost Seg is democratizing access to the service.

“This company is democratizing access to these cost segregation studies,” Prince said. “Our products will save you money on taxes like nobody wants to pay more taxes. Everybody loves saving money on taxes.”

Prince also noted similarities between BlockFi’s tax-efficient use of crypto proceeds and Re Cost Seg’s products.

Applying Lessons Learned at BlockFi

Prince’s time at BlockFi taught him the importance of customer service and a fast-paced development cycle. He shared that they were the first company in the crypto lending category to have a phone number for customer support. He also highlighted that crypto has a 24/7 media cycle, and learning to navigate this was crucial in crafting marketing strategies.

He also mentioned his pride in the team at BlockFi and some of his former colleagues who have continued to stay in the crypto industry or even started new crypto companies. Prince believes in the potential of the real estate space and is eager to bring the lessons learned from the fast-paced crypto sector into the traditional finance world.

The Last One Out of BlockFi

Even though Prince has left BlockFi, he shared that his crypto assets would remain on the platform until all former clients have been made whole. He also disclosed that BlockFi’s bankruptcy was a result of FTX and its affiliates defaulting on loans, something he mentioned in court during Sam Bankman-Fried’s trial.

Reflecting on BlockFi’s Legacy

In a recent post, Prince reflected on his time at BlockFi and shared that there were many things he would have done differently. However, the most significant learning for him was BlockFi’s relationship with FTX. He also testified at SBF’s trial, which resulted in a guilty verdict, but his main focus remains on returning as much value to BlockFi’s clients as possible.

Eyeing a Bright Future

For a while, it seemed unlikely that BlockFi’s clients would be fully reimbursed during the dark days of crypto winter in January 2023, when its bankruptcy claims were trading at 30 cents on the dollar. However, things have turned around, and customers are now being fully made whole. Prince concluded, “The people that bought the bankruptcy claims made a killing.”

In Conclusion

As Zac Prince endeavors into the real estate tech space with Re Cost Seg, he brings with him a wealth of knowledge and experiences from his time at BlockFi. His passion for the crypto industry remains intact, and he believes that, in five years, BlockFi launched several consumer-facing products, an institutional platform, and numerous internal tools. Prince hopes to replicate this success at Re Cost Seg and contribute to the growth of the traditional finance space.