Alex Mashinsky on banking competition
From Interview w/ Alex Mashinsky - CEO of Celsius and inventor of VOIP · · Dollar Auction Show
“the most important thing is winning against the bank and how do you win against the banks you convince people that there's a better alternative one by one you get them to not put their money into the traditional banks why because like you said banks can pay banks if they uh do a much higher interest they just choose not to banks choose to give the interest to their shell celsius chooses to take the same yield same interest and give it to the department”
On , Alex Mashinsky, Former CEO at Celsius Network, spoke about banking competition during Interview w/ Alex Mashinsky - CEO of Celsius and inventor of VOIP on Dollar Auction Show.
About Alex Mashinsky
In a March 2019 town hall for Celsius Network, Alex Mashinsky criticized traditional banks for offering low deposit rates while charging high interest on loans, stating that "your bank takes your deposit, right? Gives you less than 1%, gives you an IOU and lends it to her and charges her 25% of her credit card and keeps 24% to themselves." He also highlighted what he described as economic inequality, saying "there was never in the history of mankind bigger disparity between the rich and the poor" and that he was "shocked that there are no guillotines on the street." Mashinsky noted that Celsius Network's token would only become valuable "if the whole community is creating value inside the community," and mentioned that the company had "at least 50 hedge funds that use us to reduce their tax exposure to defer their taxes."