The CEO of Celsius Network has started to lay out a strategy for the company’s revival. Because of the significant crypto crash in the spring of 2022, Celsius filed for bankruptcy back in July of that year.
In a meeting on September 8, CEO Alex Mashinsky spoke with Celsius Network staff members. According to a recording of the event provided to the New York Times, he laid out a strategy for the firm’s revival. He and Oren Blonstein, another Celsius executive, stated their intentions to rebuild the business with a focus on custody, which entails holding customers’ cryptocurrencies and then charging them for specific types of transactions.
The upcoming project is reportedly known by the code name “Kelvin,” which is named after the temperature unit. Blonstein and Mashinsky’s decision to use this name is unknown.
Users were owed as much as $4 billion by Celsius Network when it filed for bankruptcy. The company lets many employees leave during the summer. Regulators in Canada and the United States both looked into it.
The CEO of Celsius hopes that the bankruptcy filing will only be a minor blemish on the network’s reputation. Celsius started restructuring soon after filing for bankruptcy.
Mashinsky is quoted as saying, “delta filed for bankruptcy,” when comparing Celsius Network to businesses that have previously declared bankruptcy. Do you not fly Delta because they filed for bankruptcy? ”
Tomorrow is the day for another hearing in the bankruptcy case. Among other things, the court will decide whether to redact information about Celsius creditors.
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