Celsius CEO Mulls Crypto Custody Pivot After Lending Business Imploded: Report

Celsius CEO Alex Mashinsky recently proposed revamping the failed crypto lending business as a digital asset custody firm, according to a New York Times report.

Celsius is one of a handful of crypto companies to file for bankruptcy protection in recent months after falling victim to the market crash and imploding counterparties. It’s still working through how to make depositors – who bet on Celsius’ high yields and lost – whole.

Pivoting to custody would give Celsius a new revenue stream by collecting fees from depositors, according to the New York Times, which said employees were skeptical of Mashinsky’s “Kelvin » codenamed plan when he pitched it on Sept. 8.

Whether any depositors would show up is another matter.

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