According to a report from The Block, Celsius Network, a cryptocurrency lending company that filed for Chapter 11 bankruptcy last year, had attempted to raise $1 billion for a project called Celsius Web Services (CWS).
CWS aimed to offer generic versions of Celsius’s yield and custody-focused products and was described as a “web3 toolbox for a New World” in pitch decks presented to Goldman Sachs and Abu Dhabi-backed fund ADQ May and June 2021, respectively.
Former Celsius CEO’s Plan
Celsius’s former CEO, Alex Mashinsky, spearheaded the CWS plan, but the project failed to get off the ground as investors, including Celsius’s board, chose not to participate. Mashinsky had hoped to pivot Celsius away from its core crypto lending business and create the “Amazon Web Services of crypto” with CWS.
The CWS plan…
