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Celsius Network Plots a Comeback After a Crypto Crash



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The collapse of the experimental cryptocurrency bank Celsius Network was one of the main drivers of this spring’s crypto crash, which erased nearly $1 trillion from the market and ruined thousands of investors. Celsius filed for bankruptcy in July. Now it’s angling for a comeback. At a meeting with employees on Sept. 8, Alex Mashinsky, the chief executive of Celsius, outlined an audacious plan to revive the firm, according to a recording of the event shared with The New York Times. He and Oren Blonstein, another Celsius executive, said they hoped to rebuild the company with a focus on custody — storing people’s cryptocurrencies for them, and then charging fees on certain types of transactions. They said the project was code-named Kelvin, after the unit of temperature. Mr. Mashinsky, 56, faced skeptical questions from employees. He compared the rebuilding process to corporate turnarounds at some of the world’s most famous brands, including Pep …

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