- The Celsius network filed for bankruptcy last month.
- Withdrawals and transfers from user accounts have been suspended since June.
A prospective acquirer of the assets of the Celsius network is Ripple Labs, the organization that created the XRP cryptocurrency. According to Reuter’s article, the blockchain payments startup is interested in Celsius’ assets, although there is little clarification on exactly what the company wants to do. However, neither company have made a formal statement yet. The Celsius network filed for bankruptcy last month. Withdrawals and transfers from user accounts have been suspended since June.
Actively Looking for M&A Opportunites
According to the report, a Ripple representative said that the business is considering buying the assets of the insolvent crypto lender in question. According to the article, Ripple is looking into Celsius’ assets to see whether they are relevant to its goals. However, a Ripple official refused to say whether or not Ripple has any interest in Celsius outright.
The representative stated:
“We are interested in learning about Celsius and its assets, and whether any could be relevant to our business. Ripple has continued to grow exponentially is actively looking for M&A opportunities to strategically scale the company.”
To explain its restructuring plans, Celsius cited an asset value of $4.3 billion. A total of $5.5 billion in liabilities and $4.3 billion in assets were declared, with $600 million in CEL tokens valued at $170 million in the company’s financial disclosure. This might be an excellent move for Ripple since Celsius’ acquisition could provide financial relief to regular investors. In order to fulfil its financial obligations, Celsius has previously said that it was contemplating selling off certain assets.
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