TL;DR
San Francisco-based company Ripple Labs Inc is potentially thinking about purchasing assets of bankrupt Crypto Lender: Celsius.Ripple is actively searching for market opportunities to “strategically scale the business,” in accordance with Ripple’s spokesperson.The business was sued because of the U.S. Securities and Exchange Commission in 2020 over $XRP token.
In accordance with a Reuters report, San Franciso-based blockchain payments company Ripple Labs Inc has expressed fascination with purchasing assets of bankrupt crypto lender Celsius Network.
The business asked the court for being represented inside the ongoing bankruptcy proceedings, court filings indicate.
Celsius Network filed for Chapter 11 bankruptcy on July 14, of the year after facing financial difficulties after becoming perhaps one of the most prominent victims of this recent market downfall. The business had only $167 million in cash to proceed with further developments in July. Celsius confirmed they had a $1.2 billion hole on the balance sheet. Another crypto giant FTX declined to bail out the business because of its poor finances.
The spokesperson who spoke to Reuters said they “want in studying Celsius and its own assets and if they could be highly relevant to our business.” Based on the report, Ripple declined to state if they were thinking about purchasing Celsius outright.
Ripple has received steady growth throughout the crypto bear market and is currently searching for opportunities to “strategically scale the business,”.
Ripple happens to be fighting case because of the U.S Securities and Exchange Commission (SEC), that was raised in 2020. Sec alleges that Ripple may be selling $1.3 billion in unregistered securities by selling XRP. Ripple has denied all allegations, arguing that XRP may be trading as an electronic currency.