Alex Mashinsky is an influential entrepreneur who found multiple tech firms and has 50 patents to his name. He initially gained prominence with the technology company Arbinet but became known for serving as the CEO of Celsius Network, a crypto lending platform. As of 2022, Alex Mashinsky has an estimated net worth of $50 million.
Early Life
Mashinsky was born in Soviet Ukraine on October 5, 1965. In 1972, his family relocated to Israel and he spent most of his childhood there. His father worked as a tinkerer, and Alex imitated his old man.
He had the ability to tap into public phone lines at a young age. To make extra money as a teenager, Mashinsky used to buy and sell impounded items at customs auctions at Tel Aviv’s Ben Gurion airport.
Mashinsky studied electrical engineering at three different universities but did not complete his studies. He had a stint in the Israeli Army and relocated to New York in the last 80’s.
Early Career
He started his career in the US by operating a company that traded chemical delivery contracts. The business had a setback in 1989, so Alex worked at a software company called A+ Systems.
Alex Mashinsky created VoiceSmart, one of the first startups to provide computer-based Voice over Internet Protocol (VoIP) phone service in the early 1990s. In 1996, he gained traction by founding Arbinet, a VoIP marketplace.
He sold his equity in Arbinet in 2005 and utilized some of the money to launch the mobile car booking company GroundLink. It got partnerships with many car services and became a success.
Further Ventures
For his efforts, Alex won various honors, including the Albert Einstein Technology Medal, Crain’s Top Entrepreneur Award, and the Technology Foresight Award for Innovation. Alex eventually moved toward investing in startups after a few successful exits.
He established Governing Dynamics, an early-stage venture capital company. Aside from traditional businesses, Governing Dynamics has invested in cryptocurrencies and blockchain technology.
Because he believes in its potential, Alex Mashinsky ventured into crypto himself, setting up Celsius Network in 2017. The service allowed users to lend digital assets and earn a nice yield, in some cases they were offering up 18.6% APY.
Celsius was one of the leading platforms in the space competing against the likes of BlockFi and Coinbase. At its peak they had $17 billion under management and 130,000 BTC staked on their platform. Celsius filed for bankruptcy in July 2022 and Alex stepped down as CEO in September.
Net Worth and Earnings
Alex has invested in more than 60 businesses over the years, with numerous triumphs and failures. As a startup entrepreneur, he has reportedly raised over $1 billion in funding for his ventures. His experience has also made him a public speaker that appeared in over 250 worldwide events.
The Celsius Network token, CEL, once had a billion dollar market cap but is now worthless. Before the collapse of Celsius, Alex reportedly withdrew $10 million from the platform and is believed to be worth $50 million.
Personal Life
Mashinsky is a married man and his wife’s name is Krissy. They met in 2005 but didn’t tie the knot until 2011. The couple is currently raising six children together. They have three boys and three girls. Alex and his family reside in New York City.
