Ripple sources say the company may be interested in buying Celsius Network or part of its assets.
Since it halted customer withdrawals on June 12, news about Celsius Network has been coming in. Initially, Nexo, a rival cryptocurrency lending platform, made a purchase offer, but this never came to fruition. Later, Celsius filed for Chapter 11 bankruptcy of the United States, officially declaring bankruptcy.
Now, according to Reuters reports, would be Ripple Labs, the cryptocurrency and blockchain company, which is currently immersed in an extensive legal battle against the United States Securities and Exchange Commission (SEC), which would be interested in buying Celsius Network's assets, before bankruptcy is legally declared.
A Ripple spokesperson has said the company would be interested in purchasing the company or a portion of its assets, saying: “We are interested in learning about Celsius and its assets, and whether any of them might be relevant to our business.”
According to the spokesperson, Ripple has grown exponentially in recent years and has now entered a merger and acquisition phase from other cryptocurrency companies, similarly to what it did in Bit2Me with the acquisition of the Peruvian exchange Fluyez.
Ripple's lawyers have already filed a request with the New York bankruptcy court to be represented in the proceedings, even though is not among Celsius Network's creditorsThe filing has been approved, so Ripple will be represented in the process.
According to documents filed by Celsius Network in the New York Bankruptcy Court, the company has digital assets in custodial accounts, loans, a Bitcoin mining business, the CEL token, cryptocurrencies and bank cash.
However, there is no concrete information yet on the status of negotiations or whether Ripple will purchase Celsius Network in its entirety or just a portion of its assets.
The fall of Celsius Network
Since last June 12th he announced that stopped withdrawals from its customers, Celsius Network has received several offers to purchase assets. The first of these is from Nexo, a rival lending protocol, which flatly rejected by the company, since at that time they thought they would be able to avoid bankruptcy.
Later, the FTX exchange, which is also in a “mergers and acquisitions” phase, seemed interested in Celsius. However, the exchange headed by Sam Bankman-Fried did not make any firm offer, due to Celsius's precarious situation.
[hubspot type=cta portal=20298209 id=38fb28e1-1dc1-40e3-9098-5704ca7fcb07]
