#Mashinsky act serial#
#Mashinsky act download#

By contrast, Celsius is focused on helping people to find financial freedom. When traditional financiers move into crypto, sometimes they want to bring their Wall Street practices with them РІР‚вЂњ charging high fees, encouraging everyone to trade, and basically looking to make people act against their best interests. РІР‚СљWe donРІР‚в„ўt want any bad apples to put our platform in jeopardy and so we follow all regulations to the letter of the law.РІР‚Сњ We are not only helping ordinary folk, but we are also putting manners on the banks.РІР‚Сњ Wells Fargo and a number of other pillar banks have announced in recent weeks that they are lowering or even eliminating the fees they charge РІР‚вЂњ the monthly fees, the overdraft charges, etc. РІР‚СљFor example, we are starting to see banks lower their fees. More and more banks are struggling but there is an upside because this upset of balance is forcing banks to behave better. РІР‚СљMoney is leaving traditional banking and going into crypto. РІР‚СљThe appetite is there,РІР‚Сњ explains Mashinsky. ThatРІР‚в„ўs a 20x increase in one year.Р”Р„t the same time, Celsius has been in fundraising mode, so much so that an initial $400 million was joined by another round of $350 million. At the start of 2022, it had 1.5 million customers and more than $20billion in assets. A little over a year ago, Celsius had approximately $1billion in assets on its platform. Rewards on customersРІР‚в„ў coins are paid every week.

#Mashinsky act download#

First customers download the app, complete the KYC, and then select the coins they want to transfer into the app. And if you need a loan, you can borrow against these assets as collateral.РІР‚Сњ РІР‚СљDonРІР‚в„ўt sell your Ethereum or your Bitcoin.

And if those assets increase in value over time, then itРІР‚в„ўs a double win. The beauty is that customers hold onto their nest eggs but also earn rewards on their assets which is paid on a weekly basis. Instead, it allows its customers to choose their own digital assets it supports 50 of the top cryptos, and then offers a yield on their transfer to the app. But the banks only pay 0.1% in interest and inflation is running at 7%, so you can never catch up.РІР‚СњР”В¬elsius does not try and sell people assets РІР‚вЂњ which is a common route in crypto-based platforms РІР‚вЂњ where typically fees are made on transactions. Maybe they have a nest egg, and they want to try and leverage that. They have jobs, they have families, they have lives. РІР‚СљOur focus is ordinary people who donРІР‚в„ўt have time to trade all day. We charge fees to institutions, like Robin Hood.РІР‚СњР”В¬elsius does this reverse of fortunes within the system and the people it wishes to serve are the ordinary folk. We are the opposite of Wall Street РІР‚вЂњ where insiders get to call retail investors the plankton because they feed on them. ThatРІР‚в„ўs what we set up to change in Celsius. For most unaccredited investors you cannot participate in different investments, and you are excluded from value creation. Indeed in this zero/negative interest climate, their money is devalued on top of which they get charged all sorts of bank and credit card fees. As he points out, people work hard, get paid a salary, lose half it in taxes, and then people canРІР‚в„ўt earn any interest on their remaining money.

Right now the banking system is particularly broken. РІР‚СљThere was a recent survey where people said theyРІР‚в„ўd rather visit the dentist than go sit with their bankers. РІР‚СљIРІР‚в„ўm not alone in this opinion,РІР‚Сњ he says. The result is a Celsius Network, a crypto platform that has grown 20x in one year.Р”В¬oupled with his interest in crypto was a singular dislike of how the banking system served its customers, or rather it didnРІР‚в„ўt. It wasnРІР‚в„ўt until he understood it solved the issue of the digital double spend, that he got interested and when Mashinsky gets interested, he moves fast.

#Mashinsky act serial#

Alex Mashinsky, the serial US entrepreneur well known for installing broadband on the US subway, once famously declared Bitcoin the slowest database on the planet.