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The CEO of Celsius Network is reportedly discussing a new project that could help rebuild the bankrupt crypto lending platform.
according to the new report Alex Masinsky of The New York Times put forward a “daring plan” called Kelvin months after the troubled company filed for bankruptcy in July.
Mashinsky and Celsius are reportedly headed by innovation division chief compliance officer Oren Bronstein, who wants to rebuild the company with a focus on custody.
If Project Kelvin succeeds, Celsius will offer a service to store people’s crypto assets on their behalf. The Company may then charge a fee for certain types of transactions.
While answering skeptical questions from employees, Mashinsky pointed to how other big names, such as Pepsi, found success after bankruptcy.
“Does it make Pepsi taste bad? Delta filed for bankruptcy. Why don’t you fly Delta because you filed for bankruptcy?”
Mashinsky said Celsius is working with the Unsecured Creditors Committee (UCC), which represents the company’s creditors, to plan to restart the company.
The proposal follows allegations that Celsius lost user funds after Mashinsky told his investment team in January that he would take control of the company’s trading strategy.
Its executives reportedly wanted the company to sell a large amount of Bitcoin (BTC) because they believed the then-Federal Reserve would plunge the price of cryptocurrencies. rice field.
The Federal Reserve did not deliver the expected results, with Celsius reporting a loss of $50 million for the month. It is not clear how much of this is attributed to Machineski.
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Featured image: Shutterstock/Yurchanka Siarhei
