Co-Inventor of Blockchain Joins Celsius Network

Teams with VOIP inventor CEO in working toward goal of 100 million crypto users

Celsius Network, a blockchain-based borrowing and lending platform, announced today that scientist W. Scott Stornetta has agreed to join its board of advisers. Considered a co-inventor of the early blockchain, Dr. Stornetta joins a growing list of pioneers at the company headed by CEO Alex Mashinsky, one of the inventors of Voice over Internet Protocol (VOIP), the technology that allows users to make and use phone calls over the internet, perhaps the most pervasive peer-to-peer application ever built.

“Our goal at Celsius is to add 100 million new users to the cryptocurrency community by offering innovative, customer-centric financial services, including borrowing and lending.” This new form of banking on the blockchain allows customers to easily deposit, borrow, and earn interest with cryptocurrency.

After really getting to know Alex and the Celsius team, I'm persuaded that they have what is needed to achieve their mission. Namely, they are deploying 'customer-first' financial services based on a token that maximizes value creation for all of their members.

Dr. Scott Stornetta, Co-inventor of the early blockchain

Mashinsky believes adding innovators like Stornetta to its advisory board allows the company to further its goal of expanding financial reach. Mashinsky, who has followed Stornetta’s career for years, noted that “having Scott as an adviser further validates our project.” He added, “Scott both embodies the best of the blockchain community and represents perfectly what we at Celsius hope to achieve.”

Dr. Stornetta, currently Chief Scientist at Yugen Partners, noted that “the promise of blockchain to improve the lives of billions is real. But it takes a great deal more than wishing to get there.” He added, “After really getting to know Alex and the Celsius team, I’m persuaded that they have what is needed to achieve their mission. Namely, they are deploying ‘customer-first’ financial services based on a token that maximizes value creation for all of their members.”

Stornetta noted that because his time is limited, he carefully chooses which advisory boards he can join. “I am only able to serve on a small fraction of the boards that ask, so I try to choose those that best represent the promise of the entire blockchain community.  Celsius is one of those exemplars.”

In the blockchain space Stornetta brings an unmatched long-term view, having worked on blockchain-related issues for nearly thirty years. Of Satoshi Nakamoto’s famous 2008 Bitcoin whitepaper, there are only eight references to prior work. Three of those eight are to the papers authored by Stornetta and Stuart Haber.

Celsius looks forward to working closely with Stornetta, who, besides his early work on the blockchain, has extensive experience helping to transform promising technologies into value-creating products.

About Celsius:

Celsius Network is a Blockchain based Fintech startup which provides members access to borrowing dollars using their cryptocurrency as collateral. Members of the Celsius Network can also earn interest on their digital currency deposited with Celsius. We’re developing a new wave of financial products to the digital currency market in order to bring the next 100 million people into blockchain. Our focus is always on our members. Celsius borrowing and lending products are designed to work in the best interest of its members instead of trying to make as much profit as possible.




About Yugen Partners:

Yugen Partners is a global investment firm, assisting institutional investors in engaging the opportunities of the emerging blockchain space. For media inquiries,

For press-related inquiries, please contact Keith Baumwald, CMO (

Source: Celsius Network


Categories: Business Finance

Tags: alex mashinsky, blockchain, borrowing, celsius, crypto, cryptocurrency, lending, scott stornetta

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About Celsius Network

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Celsius Network allows its members to use their cryptocurrency as collateral in order to secure loans in dollars as well as deposit their cryptocurrency in order to earn up to 5% interest. Our mission is to bring the next 100m people into crypto.