GalaxyOne Merges Crypto and Banking in Post-FTX Regulatory Era

Galaxy Digital Inc. has launched GalaxyOne, a consumer-focused financial platform led by Zac Prince, co-founder and former CEO of the collapsed crypto lender BlockFi Inc. Prince, who oversaw BlockFi's bankruptcy following the 2022 FTX implosion, now heads GalaxyOne, which merges high-yield banking, crypto trading, and commission-free stock brokerage in a single app. The platform offers a 4% annual percentage yield (APY) on FDIC-insured cash accounts and an 8% APY for accredited investors in a non-FDIC-insured product[CryptoAppsy: Crypto Tracker on the App Store]^[5]. GalaxyOne's launch marks Galaxy Digital's first direct entry into the retail finance market, expanding beyond its institutional trading roots[CryptoAppsy: Crypto Tracker on the App Store]^[5].

Prince emphasized a "much more conservative" approach compared to BlockFi's riskier lending practices, which led to a $100 million SEC settlement in 2022. GalaxyOne's risk management framework includes a quadrupled risk team and institutional-grade oversight, aligning with stricter regulatory scrutiny in the crypto sector. The platform's services, including cross-chain crypto trading and yield-generating accounts, aim to address a market increasingly prioritizing transparency and compliance[CryptoAppsy Launches Real-Time Crypto Tracking App]^[4].

GalaxyOne's features reflect a broader industry shift toward integrating traditional and digital assets. Users can earn yield on deposits, trade Bitcoin, Ethereum, and Solana, and invest in equities and ETFs-all within one unified interface[CryptoAppsy: Crypto Tracker on the App Store]^[5]. The platform's FDIC-insured cash accounts, managed by Cross River Bank, provide up to $250,000 in insurance, while crypto assets are custodied by Paxos Trust Company, a New York State-chartered institution[Best Crypto Portfolio Trackers for 2025 (Free & Paid Tools)]^[6]. For accredited investors, Galaxy Premium Yield offers higher returns but lacks FDIC coverage, underscoring the product's risk profile[Best Crypto Portfolio Trackers for 2025 (Free & Paid Tools)]^[6].

The launch follows Galaxy Digital's NASDAQ listing and aligns with competitive moves by firms like Robinhood to merge crypto and traditional banking. Galaxy's stock rose 5% post-announcement, tripling over the past year as the firm expands into retail markets[CryptoAppsy: Crypto Tracker on the App Store]^[5]. Analysts note that platforms like GalaxyOne must balance innovation with regulatory adaptability, particularly as crypto markets face evolving compliance requirements[GalaxyOne Launches: High-Yield Cash, Crypto & Stocks in One]^[3].

Prince's leadership comes amid a recalibration of the crypto industry post-FTX. GalaxyOne's design incorporates lessons from BlockFi's collapse, including conservative risk appetite and enhanced regulatory alignment. The platform's roadmap includes future features like business accounts, crypto staking, and lending products, aiming to create a comprehensive wealth management ecosystem[Best Crypto Portfolio Trackers for 2025 (Free & Paid Tools)]^[6]. As GalaxyOne scales, its success will depend on maintaining user trust while navigating a landscape shaped by both market volatility and regulatory clarity[CryptoAppsy: Crypto Tracker on the App Store]^[5].