Ripple Plans To Acquire Celsius’ Assets

According to a statement from a Ripple representative, the company is looking for opportunities for mergers and potential acquisitions of Celsius assets amid the company’s bankruptcy. On the Celsius side, there has been no public comment confirming the above information.

Ripple Considers Acquiring Celsius Assets

According to a spokesperson for Ripple to Reuters, the crypto company is intent on acquiring potential assets of Celsius as the troubled crypto company is in the process of finalizing bankruptcy proceedings.

The spokesperson went on to say that Ripple is “actively looking” for opportunities to carry out mergers and acquisitions that will “strategically scale the company”.

However, the statement did not mention the issue of whether all of Celsius’ assets will be acquired. The spokesperson also did not say whether Ripple is in the process of discussing the matter with Celsius.

Celsius has not made any statement regarding the above information. It is unclear whether Celsius would accept such an agreement. Nexo proposed a similar deal to Celsius in June but was rejected.

Ripple’s lawyers filed three filings to join Celsius’ bankruptcy proceedings on August 5. However, those filings do not indicate why Ripple was involved in the case or whether its involvement related to their acquisition plans. Reuters says that Ripple is not a major creditor of Celsius.

Celsius was the first of many to default this summer when it closed its withdrawals on June 12. It then declared bankruptcy on July 13 and began planning a detailed recovery when bankruptcy proceedings began on July 18.

Celsius is not the only defaulter to receive such offers. Last month, FTX proposed a joint factory that could purchase Voyager Digital assets and digital asset loans while compensating Voyager users. It was quickly rejected by Voyager, although the relationship between the two companies is still ongoing.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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