Celsius CEO Mashinsky Proposes Resurrecting Platform As A Digital Asset Custody Firm

The saga that has been Celsius’ downfall this year has been well documented. CEO Alex Mashinsky has been a focal point of crypto critics after his engagement in ‘taking over‘ Celsius’ crypto strategy in the 11th hour before the platform’s pseudo-shutdown. That isn’t slowing down a persistent Mashinsky, who, despite enduring a slew of bankruptcy procedures, continues to trudge along in forecasting some sort of future for Celsius. This week, Mashinsky is looking to reposition Celsius as a digital asset custody firm, according to a new report from The New York Times. What Led To Today’s Celsius ‘Doom & Gloom’ About a year ago, state regulators across a handful of U.S. states started setting their sights on yield-generating platforms such as BlockFi and Celsius. Celsius, for some time, was offering aggressive rates for holding tokens on the platform. At it’s highest point last year, Celsius held tens of billions of funds and at times, promised double digit percentage yield that was compounding weekly. As 2022 came into the fold, the market was middling but certainly not into ‘bear mode’ when Mashinsky and company rolled out their initial “custody solution.” Within a few months later, following the crumbling of Terra Luna, the platform was revealed to have exposure to DeFi protocols, including the likes of Terra’s Anchor Protocol, and was ...