Celsius CEO plans to restructure firm to focus on crypto custody: Report

Celsius CEO plans to restructure firm to focus on crypto custody: Report


Crypto lending platform Celsius, currently in the middle of bankruptcy proceedings, reportedly plans to rebuild around crypto custody services.

According to a Tuesday report from the New York Times, Celsius CEO Alex Mashinsky and head of innovation and chief compliance officer Oren Blonstein aimed to revive the company using a project named Kelvin — storing users’ crypto and charging fees on certain transactions. Mashinsky reportedly made the announcement at a Sept. 8 meeting for employees, at which the company discussed possible scenarios for its future after filing for Chapter 11 bankruptcy in July.

A legal entity representing Celsius’ creditors, called the Committee of Unsecured Creditors, reportedly requested the firm continue offering services including loans, staking, and custody. Maskinsky compared the platform’s possible comeback to those of Apple

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