Celsius's CEO plotting a pivot to custody services- Details inside

Alex Mashinsky, CEO of bankrupt crypto lender Celsius, has outlined a plan to pivot his company's operations from lending services to custody services.  The pitch was reportedly made during an internal all-hands meeting on 8 September.

Timeline of Celsius

After bankruptcy, the CeFi lender is planning an ambitious comeback by offering crypto custodial services. According to the New York Times, the Celsius Network is one of many companies that have been hit hard by the pandemic. The company, which headquarters are based in the USA, was forced to declare bankruptcy in July.

The price of CEL, a token issued by the troubled crypto lender Celsius Network, pumped around 17% in the market today, as news broke that the company is exploring new business areas to stay alive.

The Celsius (CEL) token posted 18% gains in the last 24 hours to trade at $1.70 as of press time on September 14. The post Celsius spikes 18% higher on release of ‘Project Kelvin' recovery plan appeared first on CryptoSlate.

The downturn triggered by the bankrupt major crypto lender Celsius (CEL) continues to roll over numerous crypto businesses worldwide, but Alex Mashinsky, the firm's CEO, reportedly aims to revive the business as a custodian.

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.

Celsius: Under the new plan, the lender would pivot to storing customers' crypto in a special wallet and levying charges for transactions. The post Celsius CEO Floats Daring Plan to Resurrect the Floundering Company appeared first on BeInCrypto.

The Federal Trade Commission filed Tuesday to join the bankruptcy proceedings of crypto lender Celsius.  The post Federal Trade Commission seeks entry into Celsius bankruptcy case appeared first on The Block.

There seems to be no end in sight for the Celsius Network drama. After filing for Chapter 11 bankruptcy, the crypto lending platform will now shift its business model to crypto custody services.

Celsius CEO Alex Mashinsky is pushing for a revival of the firm around custodial services, according to a report from the New York Times. The post Celsius CEO Mashinsky held revival plan meeting: The New York Times appeared first on The Block.

Celsius (CEL/USD) price fell by as much as 17% on Monday amid an overall struggle across crypto assets. The CEL token, which had pumped by more than 13% late Sunday amid a short squeeze, fell from highs of $1.68 to place at $1.43 at the time of writing.