Alex Mashinsky, CEO of Celsius Network, the formerly prominent high-yield cryptocurrency lender that ultimately collapsed, has mulled over a comeback by pivoting his firm to a digital asset custody business, according to a Tuesday report by the New York Times.The move would provide Celsius, which filed for Chapter 11 bankruptcy in mid-July, with a new source of revenue by storing its depositors' tokens, and then imposing fees on certain transactions, the NYT reported, citing a recording of a recent event.Celsius staff, though, were skeptical about Mashinsky’s proposed project dubbed Kelvin, the newspaper added.The company was one of many crypto-related firms that got stung by the market downturn spurred by the multi-billion dollar meltdown in algorithmic stablecoin TerraUST (UST-USD) and its sister token Luna (LUNA-USD). It was forced to suspend customer withdrawals in June due to "extreme market conditions" at the time.Celsius did not immediately respond to a request for comment.Previously, (June 29) The Wall Street Journal reported that Celsius Network's premise was far riskier than sales pitch purported.
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