Crypto lender Celsius reportedly received advice from Citigroup on possible solutions to its liquidity problems.
It is reported that Celsius, which recently stopped withdrawals and transfers, used the consultancy services of banking giant Citigroup to create possible solutions on the issue. According to the news quoted by The Block and based on sources with knowledge on the subject, Celsius appointed Citigroup to give advice after the liquidity problems it experienced. The source states that Citi was hired as a consultant; He said that there is no such thing as giving money from their balance sheets. In other words, Citi advises Celsius on “potential financing” options.
According to the report, this is not the bank’s first relationship with Celsius. The bank also advises Celsius on the mining subsidiary’s business and IPO plans.
Celsius has also hired restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld LLP to advise on possible solutions, according to another report by the Wall Street Journal.
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