Interview: Alex Mashinsky challenges Paris banks with Celsius
At Paris Blockchain Week Summit 2019, Alex Mashinky has set a clear goal: infiltrate the banking system with Celsius and pay higher interest than any other financial institution. In his long-documented discourse against the practices of banks, the VoIP innovator and MoIP (Money over IP) proponent has always pointed to the fact that the interest rate for deposits has decreased. Sometimes the amounts barely cover the annual inflation rate, which means that the clients get the mainstream finance equivalent of "rekt" for holding their money in bank accounts.
In response to this practice, and as a consequence of the recent PACTE law that the French Parliament has ratified, Mr. Mashinsky is trying to turn Celsius into the ultimate banking tool which enables people to make crypto deposits and earn more interest. Furthermore, as a way of taking price volatility out of the way, the system will rely on stablecoins that are backed entirely by corresponding fiat amounts.
If it all goes according to Alex Mashinsky's plan, then the Celsius Network will take the French financial landscape by storm and provide an alternative that is both financially convenient and a gateway drug to Bitcoin and other cryptocurrencies. If, for instance, monsieur Pierre Cardin decided to give up on his deposit at the bank and move the money to a Celsius USDC-backed account, his annual returns would increase exponentially. And if the same person wanted to move his stablecoins to an exchange to buy some BTC, then his experience would be seamless.
Throughout this 17-minute exclusive interview, Alex Mashinsky is ecstatic, enthusiastic, and as passionate as you'd expect any financial revolutionary to be. And if his plan to take over the French banking sector with Celsius really succeeds, then you will have found out about it first from Crypto Insider!
Read more:
Why Bitcoin needs cash (and is not a byproduct of the cashless society)
Paris Blockchain Week Summit 2019 was a French tour de force
Interview: Alex Mashinsky on earning interest by HODLing with Celsius
Originally posted on Crypto Insider : https://staging.cryptoinsider.com/interview-alex-mashinsky-paris-banks-celsius/