Celsius CEO Alex Mashinsky, according to the New York Times, cryptocurrency is trying to get the company back on its feet in the field of storage services.
Celsius CEO Mashinsky Wants To Get The Cryptocurrency On Its Way Again
Mashinsky held a meeting with employees last week, where he outlined a plan to save the firm from bankruptcy.
The Times has captured a recording of the meeting that a company employee leaked to Celsius customer Tiffany Fong, who has been posting her experiences online since the bankruptcy.
Mashinsky has outlined a plan called “Kelvin” that will allow Celsius to store crypto and charge some transactions.
This plan means Celsius abandoning its previous “no fees” slogan.
Celsius compared the company’s possible return to other major corporate returns such as Apple and Delta.
A spokesperson for Celsius told The Times that the company regularly holds internal meetings to prepare for all scenarios.
Celsius filed for bankruptcy in July after saying that the widespread collapse in the crypto market had created liquidity problems.
Although Mashinsky seems to have big plans for a comeback, any new business plan must first go through the bankruptcy process and be approved.
During the meeting, Mashinsky told employees that he was working with a legal entity for the creditors committee that had a say in the case.
A source told The Times that the creditors committee had significant concerns about Mashinsky’s status at the company and his new plan after meeting with Mashinsky.
The committee’s lawyers, however, declined to comment.
*Not investment advice.
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