Death of a Crypto Company

Born in response to the 2008 financial crisis, cryptocurrency was supposed be a form of money that eliminated the traditional gatekeepers who had overseen the tanking of the economy.But a crash in value recently has raised questions about cryptocurrency’s central promise.Guest: David Yaffe-Bellany, a reporter covering cryptocurrencies and fintech for The New York Times.Want more from The Daily? For one big idea on the news each week from our team, subscribe to our newsletter. Background reading: No one wanted to miss out on the cryptocurrency mania. A global industry worth hundreds of billions of dollars rose up practically overnight. Now it is crashing down.Celsius Network was managing more than $20 billion in assets. Last month, it became the latest crypto venture to spiral into a crisis.For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.  Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.