The CEO of Celsius Network has begun outlining a plan for the firm’s comeback. Celsius filed for bankruptcy back in July 2022, as a direct result of the major crypto crash in Spring.
CEO Alex Mashinsky spoke with the Celsius Network employees in a meeting on Sept. 8. He outlined a plan for the firm’s revival, according to a recording of the event shared with the New York Times. In the meeting, he and Oren Blonstein, another Celsius executive, said they hoped to rebuild the company with a focus on custody — storing people’s cryptocurrencies for them, and then charging fees on certain types of transactions.
According to the recording, the upcoming project has the code name “Kelvin,” after the unit of temperature. It isn’t known why Blonstein and Mashinsky chose this name.
Celsius Network owed as much as $4 billion to its users at the time of its bankruptcy. The summer saw the firm lay off many employees. It was also investigated by regulators in both Canada and the U.S. Celsius began restructuring soon after the bankruptcy filing, and the CEO hopes that the filing will only be a small stain on the network’s reputation.
Comparing Celsius Network to companies that have filed for bankruptcy in the past, Mashinosky reportedly says, “delta filed for bankruptcy. Do you not fly Delta because they filed for bankruptcy?”