Ripple Labs wants to buy the assets of Celsius Network, which has declared bankruptcy.
San Francisco-based blockchain company Ripple Labs is interested in acquiring the assets of crypto lending firm Celsius Network, Reuters reported.
Ripple Labs Claims Celsius Network Assets
Blockchain firm Ripple has sought various partnerships and acquisition opportunities to scale its operations.
As it will be remembered, Celsius filed for Chapter 11 bankruptcy protection in July. This came just a month after Celsius announced it was suspending withdrawals, causing turmoil in the crypto industry.
According to figures provided by the company, it had only $167 million in liquidity in July. Considering that Celsius had roughly $25 billion under management last October, the point the company has reached is clearly visible.
According to the company’s spokesperson, Ripple has not yet made a concrete decision to purchase Celsius’ assets. For now, he’s only doing research on the subject.
In a previous statement, Ripple emphasized that even in the bear market, the company’s business continues to grow exponentially. However, it was also stated that there was a gap of $ 1.2 billion in the balance sheet.
In June, it was alleged that Goldman Sachs was raising funds to buy the assets of the crypto loan company.
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