Ripple considers buying insolvent crypto lender Celsius’ assets

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[Photo Credits: reuters.com]

The blockchain payments company Ripple Labs has shown interest in purchasing assets belonging to Celsius, a bankrupt cryptocurrency lending company.

A company spokesperson told Reuters that Ripple is actively looking into scaling the company through merger and acquisition deals. Following this news, CEL, the native utility token of Celsius’ platform, went up 23% on Wednesday.

Celsius was suddenly pausing all customer withdrawals, swaps, and transfers in June due to “extreme market conditions,” followed by a handful of other crypto firms like Voyager and CoinFLEX. It then swiftly paid down its outstanding debts on a number of DeFi loans, reclaimed its collateral, and filed for bankruptcy, listing a $1.19 billion deficit on its balance sheet.

The filings showed that Ripple is not among Celsius’ major creditors. However, the firm still put forward filings soliciting representation in the lender’s bankruptcy proceedings, which was approved by Court earlier this week.

After reclaiming stock from its Series C raise in December 2019, the value of Ripple was at $15 billion in January. It sold $408 million worth of XRP spanning from April to June according to a company report in July — a decent deal more than the $273.27 million it sold during the prior quarter. 

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