Core Insights - Galaxy Digital is launching a banking platform led by former BlockFi CEO Zac Prince, focusing on high-yield checking accounts, crypto trading, and commission-free stock trading [1][4] - Prince emphasizes a more conservative risk appetite and improved regulatory structures compared to BlockFi, which faced significant challenges leading to its bankruptcy [2][5] Company Overview - BlockFi, at its peak, managed approximately $14.7 billion in investor assets and had nearly 400,000 US-based clients before declaring bankruptcy following the FTX collapse [3] - The SEC charged BlockFi for failing to register its crypto lending product and for making misleading statements about its loan portfolio risks [3] Leadership and Strategy - Zac Prince aims to preserve the successful elements of BlockFi while ensuring a more robust risk management framework at Galaxy Digital, which has increased its risk-focused workforce fourfold in recent years [4][5] - Prince notes that Galaxy Digital has a significantly different operational setup and risk management approach compared to BlockFi, highlighting the importance of regulatory compliance [5]