Former BlockFi CEO Announces New Career Path After Settling Lost Bet On His Company’s Bankruptcy

Zac Prince, the former CEO of BlockFi, has made a significant career pivot into the real estate tech industry. After the challenges faced by his previous crypto lending firm, Prince is now leading the team at RE Cost Seg as its CEO. RE Cost Seg specializes in providing cost segregation studies to real estate investors, offering them the opportunity to optimize tax benefits through accelerated depreciation.

Cost segregation studies conducted by RE Cost Seg involve a detailed analysis of various components within a property to identify opportunities for accelerated depreciation. This process allows investors to claim tax benefits by depreciating elements such as plumbing fixtures, carpeting, sidewalks, and more at a faster rate than traditional methods.

In a recent statement to X, Prince highlighted the unique advantages of RE Cost Seg over traditional competitors in the market. By offering cost-effective solutions and streamlined processes, the company aims to make tax-saving tools accessible to a wider range of real estate investors, including those with smaller properties. While maintaining a focus on institutional clients, Prince also expressed a commitment to serving single-family clients who may have been previously excluded from such opportunities.

This strategic shift in focus for Prince comes after his experience in the retail-oriented crypto lending sector, where BlockFi provided services for individual investors looking to earn yields on their BTC holdings and access loans using their cryptocurrency assets. However, following challenges related to the collapse of Alameda Research, one of BlockFi’s major counterparties, Prince decided to transition towards new professional endeavors.

Addressing a public bet made in the past with @americanhodl8 on X, Prince acknowledged his obligation to settle the wager involving 1 BTC, now valued at over $72,000. Despite the outcome of the bet resulting from BlockFi’s closure, Prince assured his followers that he would honor his commitment and resolve the matter promptly.

Prince’s transition to the real estate tech industry signifies a new chapter in his professional journey, demonstrating resilience and adaptability in the face of challenges. With his leadership at RE Cost Seg, Prince aims to continue driving innovation and value creation in the real estate investment landscape.