Cryptocurrency lender Celsius filed for bankruptcy protection a month after halting withdrawals in the wake of a collapse in digital currency prices that stretched the platform’s business model past the breaking point. Donnie Dinch, CEO of Bitski, breaks down this trend among lending platforms filing for bankruptcy and what it means for the broader crypto industry. 

Opening Bell

Crypto Lender Celsius Files for Bankruptcy Protection

here to provide actual insight. Not guesses on the N. F. T. Space and the top crypto headlines were joined by Donnie Dench is the ceo of bits, ki dhani, glad to have you on this morning. What do you think of today's N. F. T. And my guest by the way, which is like almost spot on. Yeah, I mean that was incredible. Really? Well, you know, I think that what we're seeing, I think, you know, when you look at this high, this high value sale, that's happened with crypto punks and then otherwise dormant era for these blue chip and FTS. I think that really indicates that they can really still draw serious attention despite sort of the the current N. F. T. Market conditions. So I'd imagine it's a little beacon of hope for a lot of people that have been heavily exposed to these larger collections. Well, speaking of these collections and others, what trends are you seeing in N. F. T. Space? You know, I think that we've seen a big wave of PFP s over the past 18 months. I think that was a very interesting in fun sort of speculative game that a lot of people were getting to play and now you start hearing more and more about this. You know, the utility of an FPs, what is it that I can do with this thing? Where can I where can I use it? Where can I take it? And I think what we're seeing now is a lot of people in build mode. Um you know, the beauty of the city and the cultural zeitgeist that they did over the past year has really driven a lot of venture capital money into the space. And it's really drawn a lot of the best builders out of some of the biggest tech companies into creating web three products that really leverage N. F. T. S. So very exciting times. Well, speaking of build mode polygon is among six with three projects selected for Disney's accelerator. How do you see this as an opportunity impacting the development of polygons network? You know, I think it's I think it's really important. I think you know right now most of the, most of the chains that everyone are using, it's still you know, they're still early. They haven't been heavily stress tested. The polygon has done a really good job of building a scalable solution on top of the ethereum standards. And so, you know, they made great headway in working with a lot of other consumer companies, traditional tech. I think we're gonna continue to see more and more adoption. I think, you know, you look at the history of technology in general, it's not often the best technology that one wins. It's the one that is able to to kind of aggregate critical mass, the quickest. And so um you know, the E. V. M. Standard that ethereum is established and the polygon is built on is really really held up and you have other competitors like Solano and flow that are still in the mix. But I think this is a, I think this is a big move for, you know Disney and the ambitions that they have To continue to build, you know, you know, rich consumer experiences. And lastly we gotta switch gears a little bit and ask you this in the next 30 seconds if you can answer it. What is your reaction to the collapse of many of these crypto exchanges and lenders? I mean should users of things like coin base be concerned? You know, I think that um, I think the coin base probably has things together a little bit better than most and certainly has a lower risk profile can considering um, I think what you're seeing is, you know, some things that were just too good to be true anytime you see a 20% you that's, you don't know where it's coming from. You should definitely question that. And so I think that um, a lot of people underestimated the the speed and acceleration which the crypto markets could fall and the dependencies of, of tokens on each other And um, you know, these centralized offerings that have built around these defi protocols have really taken a big hit and people you know that have contributed have as well. All right, thank you so much Donny density. O bits key. We appreciate your insight