Ripple is interested in buying the assets of the troubled lending company “Celsius”
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Answer Ripple is interested in buying the assets of the troubled lending company “Celsius”
San Francisco-based Ripple has expressed an interest in acquiring the assets of the troubled company Celsius, according to a report. Reuters.
Ripple has also asked the court to be represented in the ongoing bankruptcy proceedings, the filings indicate.
Ripple is actively looking for merger and acquisition opportunities in order to expand its operations, according to a company spokesperson.
As we noted in Arab Bitcoin, Celsius previously filed for Chapter 11 bankruptcy protection in mid-July after becoming one of the biggest victims of the recent cryptocurrency meltdown.
Celsius’ bankruptcy announcement came just one month after it suddenly announced it was suspending its recalls, wreaking further havoc around the industry.Read:The crypto market is recovering with Bitcoin back above the $16,500 level
The company had only $167 million in cash as of mid-July 2022.
In October 2021, by comparison, Celsius had approximately $25 billion in assets under management.
According to the company’s spokesperson, Ripple has not made a concrete decision to acquire Celsius’ assets.
For now, Ripple is only interested in knowing whether or not these assets are “relevant” to its business, says the aforementioned Reuters report.
Ripple confirmed that its business continued to grow exponentially even during the bear market.
The company confirmed that it had a gap of $1.2 billion in its balance sheet.
Crypto giant FTX has reportedly refused to bail out the company due to the company’s extremely poor financial condition.Read:Project EVERGROW may make you a rich man in the near future?
In late June, it was reported that US banking giant Goldman Sachs began raising funds for Celsius’ assets.
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