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The Times Tech Podcast

Celsius’ Alex Mashinsky: “This is a fight for all the money in the world”

The Times Tech Podcast

Will Morley

Business, Unknown, Technology

4.9654 Ratings

🗓️ 14 January 2022

⏱️ 70 minutes

🧾️ Download transcript

Summary

The Sunday Times’ tech correspondent Danny Fortson brings on Alex Mashinsky, founder of Celsius, to talk about creating a crypto fund manager (3:25), managing risk (8:40), growing up in Israel (11:50), buying a one-way ticket to New York (14:10), his first startup (16:10), launching a voice-over-IP company (22:50), getting kicked out of his own company (27:50), trying to build Uber before Uber (30:10), putting wifi in the New York subway (34:10), getting into crypto (37:10), getting rejected by 200 venture capitalists (42:15), going from zero to $24 billion in assets under management (44:00), “centralised finance” (48:35), why he put $300 million of his own cash into Celsius (50:25), the future of crypto (55:05), and Web 3 and the fight for the future of money (1:02:40).

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Transcript

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0:00.0

Yo, technology.

0:02.9

What is it all about?

0:04.4

I need to use a lot of this money to convince people that everything else other people are trying to do for you in the metaverse or in the crypto world.

0:13.7

Almost everybody, almost without exception, everybody there is doing it because they want to steal from you.

0:19.9

They want to grab your money or your coins in a form of fees,

0:23.5

in a form of liquidations, in a form of everything besides helping you get to financial freedom.

0:30.0

And if I can convince enough people, then we can build this future together.

0:51.5

Hello and welcome to Danny in the Valley, your weekly dispatch from behind the scenes and inside the minds of the top people in tech.

0:53.5

I'm your host,

0:55.0

Danny Ford's and the West Coast correspondent for the Sunday Times. And this week, we are talking

1:00.3

crypto. We're talking web three, the future of, well, maybe everything or maybe nothing. Our guest

1:08.5

has some great stories to tell and a really unique perspective. He is

1:13.0

Alex Mashinsky. He's a serial entrepreneur who has launched eight different businesses. He's had a few

1:20.8

multi-billion dollar exits. And these days, he runs Celsius, which you can think of as kind of like

1:26.5

a crypto fund manager. let's call it.

1:29.0

So you let them manage your Bitcoin or Ethereum or whatever, and they lend it out, generate

1:33.8

returns, and then they send those back to you, just kind of like a typical fund manager,

1:38.0

except it's also very different as you'll soon hear.

1:41.4

And Mashinsky has just raised a whopping $750 million to grow Celsius,

1:48.2

which has already been exploding, as you might expect, given everything that's been happening

1:51.9

with cryptocurrencies over this last year, year plus. And it's only three or four years old,

1:57.1

the company itself. And what's really interesting is, as I mentioned, he comes at all of this

...

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