VRB News
Virtual Reality Brisbane
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
No Result
View All Result
Home IT news

Bitcoin Expert Sees the End of Crypto Savings Platforms Has Come

admin by admin
June 23, 2022
in IT news
0
Bitcoin Expert Sees the End of Crypto Savings Platforms Has Come
0
SHARES
36
VIEWS
Share on FacebookShare on Twitter

Cory Klippsten, the managing Director of Swan Bitcoin, is convinced that the impending insolvency of the crypto savings bank Celsius Network could herald the general end of the classic crypto savings platforms. German Bitcoin savers at Nuri should also be attentive in view of this forecast.

“Whether you run a well-managed centralized crypto savings platform or a poorly managed one, this domino effect is very likely to affect all centralized crypto savings platforms,” as Klippsten assesses the current situation in an exclusive interview with Cointelegraph.

The crypto savings bank Celsius, which has been the leader among the crypto industry’s savings platforms so far, imposed a withdrawal freeze at the beginning of the month, presumably to prevent an impending insolvency. As a result, influential crypto lenders such as Babel Finance and Three Arrows Capital (3AC), which are closely interwoven with Celsius and other savings platforms, have now also started to swim.

According to Klippsten, this domino effect will only get worse and possibly destroy an entire sector of the industry. And even if it does not happen, the crypto expert assumes massive cuts on the part of regulators, which could finally destroy the crypto-savings platforms.

However, this is a positive development for the managing director of Swan Bitcoin, because he has been sharply criticizing centralized savings platforms for some time anyway, because they “collect the crypto assets of private investors in order to lend them for profit and generate minimal interest for investors”.

A rather questionable business model as the proven Bitcoin maximalist finds, because in addition, the centralized platforms are mostly “opaque” in their business activities and the “investors do not pay adequately for the risk they bear”.

A practice that, according to Klippsten, is doomed to failure, which is why he assumes that Celsius will ultimately not be able to save himself.

This is bad news for all savers who have invested their crypto assets with the platform, because in the event of insolvency, the expert sees the small private investors in last place among the creditors, especially since they also have no legal claims.

It may also be bad news for German crypto investors, because the Berlin fintech Nuri works closely with Celsius for its Bitcoin earnings account. So if the experienced head of the industry is right, then the affected Nuri customers can now assume a total loss of their Bitcoin (BTC).

You can watch the entire interview with Cory Klippsten on the Cointelegraph YouTube channel. Don’t forget to like and subscribe!

Log in to our social media so as not to miss anything: Twitter and Telegram – current news, analyses, expert opinions and interviews with a focus on the DACH region.

Previous Post

All is Dust, terror free to play on Greenlight

Next Post

Video Game reissues for old and new fans

admin

admin

Related Posts

How to Grow a YouTube Channel with ScaleLab
IT news

How to Grow a YouTube Channel with ScaleLab: Effective Strategies for Creators

February 4, 2025
Sticker mockups
IT news

Sticker mockups: how to visualize your ideas professionally and efficiently

January 13, 2025
Ways to Get Free Senegal Proxies for Work and Surfing
IT news

Ways to Get Free Senegal Proxies for Work and Surfing

December 24, 2024
Crypto Betting Frontiers
IT news

Crypto Betting Frontiers: The 2025 Landscape

December 6, 2024
iGaming Marketing Trends for 2025
IT news

iGaming Marketing Trends for 2025: Adapting to a Rapidly Changing Landscape

December 5, 2024
Next Post
Video Game reissues for old and new fans

Video Game reissues for old and new fans

Premium Content

What’s New in Tekken 8: A Comprehensive Guide for Gamers

What’s New in Tekken 8: A Comprehensive Guide for Gamers

January 30, 2024
Hitman III will be released in VR

Hitman III will be released in VR

August 13, 2020
Apple: six new products and the first 5G smartphones

Apple: six new products and the first 5G smartphones

October 14, 2020

Browse by Category

  • Games
  • IT news
  • Tech
  • World

VRB News is ready to cooperate with webmasters and content creators. Send an email to info@virtualrealitybrisbane.com

Categories

  • Games
  • IT news
  • Tech
  • World

Recent Posts

  • How to Grow a YouTube Channel with ScaleLab: Effective Strategies for Creators
  • Sticker mockups: how to visualize your ideas professionally and efficiently
  • Ways to Get Free Senegal Proxies for Work and Surfing

© 2023 - The project has been developed ServReality

No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact

© 2023 - The project has been developed ServReality

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?