Ripple may buy Celsius assets as part of Celsius’ bankruptcy process

A Ripple spokesperson told Reuters today, that the company is “interested in learning more about Celsius and its assets, and whether any might be relevant to our business“.

The spokesperson went on to say that Ripple “is actively seeking“opportunities to complete mergers and acquisitions that”will strategically evolve the company.

The spokesperson did not specify whether Ripple was considering acquiring Celsius in its entirety. In addition, the spokesperson did not indicate whether Ripple was in discussions with Celsius. Celsius itself has not commented publicly on this information.

Celsius was the first of many companies to become insolvent this summer when it halted withdrawals on June 12. It then declared bankruptcy on July 13 and began detailing a recovery plan as bankruptcy proceedings began on July 18.

Read:  Canadian police rule out that one of the perpetrators of multiple stabbing is still in town

Ripple’s lawyers submitted three filings to participate in Celsius’ bankruptcy proceedings on Aug. 5, but the filings do not indicate why Ripple became involved in the case or whether its involvement is related to its acquisition plans. According to Reuters, Ripple is not a major creditor of Celsius.

It is unclear whether Celsius would accept such a deal. Nexo proposed a similar deal to Celsius in June, but it was rejected.

Celsius is not the only insolvent company to have received such offers. Last month, FTX offered to acquire Voyager Digital’s assets and digital asset loans while compensating Voyager users. That proposal was quickly rejected by Voyager, despite the ongoing relationship between the two companies.

Read:  Solana and Slope confirm hack that affected over 8,000 wallets

Other companies have been more receptive: Nexo proposed acquiring Vauld in early July, and the two companies signed a contract to explore the possibility over a 60-day period.

The Best Online Bookmakers December 06 2023

BetMGM Casino