Is Celsius a bank or a crypto lender?

Founded in 2017 by Mr. Mashinsky, Celsius surged amid the crypto boom to become one of the biggest crypto lenders, with more than $12 billion in deposits. Customers, wooed by high interest rates, flooded in, while venture capitalists showered it with money. Contrasts with banks were at the center of Mr. Mashinsky's public persona. Mr.

Is Celsius Network's Alex Mashinsky a bank or a lender?

Celsius Network CEO Alex Mashinsky built his cryptocurrency lender into a giant on a pitch that it was less risky than a bank with better returns for customers. But investor documents show the lender carried far more risk than a traditional bank.

Is Celsius Network a bank run?

REUTERS/Dado Ruvic/Illustration/File Photo June 15 (Reuters) - Celsius Network, the retail crypto lending platform whose liquidity problems have sent cryptocurrencies plunging, stumbled on complex investments in the wholesale digital asset market in what analysts say was akin to a traditional bank run.

Is Celsius a liquidity crunch?

An apparent liquidity crunch at Celsius makes it the latest crypto firm affected by the crypto downturn. Celsius has stopped withdrawals. Crypto lending company Celsius has stopped all withdrawals, swaps and transfers between accounts, citing market conditions as well as the need for "stablizing liquidity."