Celsius Revamps Board, Welcomes Ex-Algorand CEO, Top Financial Execs
Portfolio Pulse from Khyathi Dalal
Bankrupt cryptocurrency lending company, Celsius, is likely to appoint former Algorand CEO Steve Kokinos to its successor company. The new company, currently named 'NewCo', will be registered under a Delaware corporation. Its board of directors includes executives from WeWork, Credit Suisse and UBS. Celsius filed for bankruptcy protection as it owed billions to investors during the crypto downturn. Celsius creditors are in favor of Fahrenheit’s proposed takeover, which could allow investors to recover some of their lost funds.
September 11, 2023 | 8:28 pm
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Former Algorand CEO Steve Kokinos is likely to be appointed to the board of Celsius' successor company.
The appointment of Steve Kokinos, former Algorand CEO, to the board of Celsius' successor company could bring his expertise and influence to the new company. However, it's unclear how this will directly impact Algorand's price in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Celsius, which filed for bankruptcy protection, is likely to be taken over by Fahrenheit, which could allow investors to recover some of their lost funds.
The news of Celsius' potential takeover by Fahrenheit could bring some relief to investors, as it might allow them to recover some of their lost funds. However, it's uncertain how this will directly impact Celsius' price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100